Payment Terms in CustomBooks™
Payment Terms
Payment Terms are the agreed-upon conditions between a buyer and seller that specify when a payment for goods or services is due. These terms define the period within which payment must be made, any early payment discounts, and penalties for late payments. Payment terms ensure clarity and help both parties manage cash flow effectively.
In CustomBooks™, Payment Terms appear on sales documents such as Sales Orders, Shipments, and Sales Invoices and are fully customizable. To help you get started, the following terms are pre-added to your account:
- Due on Receipt
- Consignment
- Net 30
- Net 15
You can create, edit, or delete additional Payment Terms as needed.
Creating Payment Terms
- Navigate to List > Payment Terms.
- Click Create > New.
- Enter a Description that will appear on printed, emailed, and on-screen documents in the Payment Terms field.
- Optionally, enter an early payment discount percentage* and the number of days* it applies, if applicable.
- Click Save or Save and Close to store the Payment Term.
Note: The 'Discounts in Cash Receipt and Bill Payments' feature must be enabled in General Settings to use the discount fields. See this article for more instructions.
The Days field determines the Due Date on Sales Invoices and represents the number of days from the Invoice Date. Entering a zero will result in the Due Date being the same as the Invoice Date.
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