How do I setup default terms for invoices?

Go to Global Settings > Terms and click on the Invoice Terms tab. Here you can:

1. Create Terms templates so you can easily switch between the verbiage you want on invoices.
2. Add verbiage that you want to appear in the Terms & Conditions section.
3. Add verbiage that you want to appear in the Footer section.

Adding language in these sections will display in on the invoice like this: