Set Default Payment Terms for an Account

This tutorial will show you how to set default payment terms (Net 15, Net 30, etc) for an account.

Default terms can be set for both Sales Orders and Purchase Order transactions. Term defaults can be overwritten at the order-level if needed.

1.  Navigate to Settings > System Settings.

 The Admin Screen will be displayed.

2. Click Terms.

 All the purchase order and sales order terms configured in the system will be displayed.

3.  Click New.

The Create Term dialog will be displayed.

4.  Select the type of the term from the Type drop down list. The available options are SO Terms and PO Terms.

 5.  Enter the name of the payment term in the Name text entry box.

 6.  Specify whether or not it is due on receive by checking or un-checking the box in the Due on Receive field. If you uncheck Due on Receive field, you can actually give the exact amount of days that it is due in the Due Days field.

 7.  Default is a global setting and if you want to make this default payment term or sales order term then you can check this box.

 8.  Click OK.

 As you can see you have two check boxes for main terms and Net 15 is the default payment term for this particular instance.

9.  Now navigate to CRM >Accounts and set these terms for the account.

10.  Double click on the required account to open. In the example here, ABC123 is selected.

The selected account will be displayed in edit mode.

 In the top, there are main settings for this customer; You can view sales order terms and purchase order terms.

11.  Click the drop down and choose Net 15.

 12.  Click Save.

Account has been saved.

Now every time there is a sales order transaction or anytime there is an AR invoice, it will default to Net 15. Every time there is a purchase order or AP invoice it will default to Net 15 as well.

13.  You can have Purchase Order as Net 30 and Sales Order as Net 15 by selecting from the drop down and save it. You can set it up however you like.

It is important to note that you can change these terms at the order level as well.

Also if you have a customer that operates on a different net structure, you can set it up specific to that customer and change it at the order if you need to.