Payment terms determine when money is due. Every invoice you send and every bill you receive gets a due date calculated from the payment terms assigned — which means your accounts receivable and accounts payable aging Reports are only as accurate as the terms you set up here.
Payment Terms list (Net 30, COD, etc.) used on customer and vendor documents.
Enter a Code (e.g., NET30) and a Description (e.g., Net 30 Days).
Enter the Days — the number of days from the invoice or bill date until payment is due.
Save.
Tips
Payment terms default from the customer or vendor record but can be overridden on any individual document — useful when a vendor grants you extended terms on a specific large order.
Set up all the terms your Vendors offer you and all the terms you offer your Customers before adding those records. It takes two minutes now and saves repeated interruptions during Master Data entry.