This tutorial shows you how to configure your payment terms. A payment term is a Sales Order or Purchase Order term that tells the customer how quickly they have to pay the invoice for a particular order.
1. Navigate to Settings > System Settings.
The Admin Screen will be displayed.
2. Navigate to Global Settings > Terms.
The Terms page will be displayed.
From here, you can view all the terms that are in the system. The Name column has all your values such as Due on Receipt, NET 5, NET 15 etc. You can observe that the values are duplicated. The TypeCd column allows you to identify whether the terms are sales order terms or purchase order terms and it’s broken up by the different values. Note that the Net 30 and Net 15 rows are checked as default. They are default terms. Every time you create a new customer, it falls to these two default terms.
3. You can change the defaults by checking or un-checking the check boxes in the row of the terms you wish to set as default in the IsDefault field.
4. To create a new payment term, click New.
The Create Term dialog will be displayed.
5. Select the type of the term from the Type drop down list. The available options are Sales Order Terms and Purchase Order Terms.
6. Enter the name of the term in the Name text entry box. In the example here, NET 65 is entered.
7. Specify whether or not the term is due on receiving by checking or un-checking the box in the Due On Receive field.
8. Set the number of due days allowed in the Due Days field. In the example here, 75 is entered.
9. If you want to make this term as default, check the box in the Is Default field.
10. Click OK.
The NET 65 is added as your default sales order term.