The Payment Terms page enables you to customize and maintain payment terms. You can use this screen to add new payment terms, or modify existing payment terms to calculate a due date on an order. Once you have added a payment term, they can be assigned to customers and suppliers. You can access the Payment Terms page via the Settings | System | Payment Terms.
Payment terms are calculated off the Invoice Date and not the Order Created Date!
These fields enable you to create new payment terms.
Name: Using this field, you can enter in a payment term name.
Days: Using this field, you can enter in the number of days that should be used when calculating the due date for this payment term.
Type: Using this field, you can enter in a type of term. The following four types, enable you to calculate the due date, which you need to pay your sales order by. For example, if you work from the order date and base it on "7 days after" then your due date is in one week's time. This date automatically appears on your sales order.
You can choose from the following items in the drop-down menu:
Add: When pressed, it adds a new payment term based on what has been entered in the fields to the left.
When you select any of the following columns at line level, you can edit the line on the grid. For instance, you can change/amend the name, date and type of payment term. From the grid columns, you can delete the payment term at line level.
Name: Displays the name of the specified payment term at line level.
Days: Displays the days of the specified payment term at line level.
Type: Displays the type of the specified payment term at line level.
Delete: Provides you with the ability to delete the specified payment term at line level.
When you have enabled your custom payment term, it becomes available on your Add Supplier and Add Customer screens. From there, you can select the payment term you require, and when set, they will appear on purchase orders created from the Supplier record and on sales orders created from the customer record.