Payment terms

The payment term is assigned individually per customer. Open the customer file > go to the Accounting tab to choose the payment term for the customer. Now let's see how to access the payment terms.

From the home page, go to the magnifying glass, search for Terms and double click on Payment Terms. Click on the term you want to configure (or click New to create a new term).

You can configure the payment term’s details:

Name : The name displayed for the payment term. [E.g. : 2% NET 30]

Discount % : Percentage granted on the invoice if paid within the deadline (Days for discount) [E.g. : 2% of the invoice is applied as discount for 2% NET 30]

Days for discount : Number of days allowed to the customer to receive a discount. This number of days will be added to the invoice’s billing date. [E.g. : The customer has 10 working days after the billing date to get the discount]

Days for net price : Number of days the customer has before being considered overdue. [E.g. : Customer has 30 days following the billing date to pay the invoice]

Default choice : Allows you to define a default payment term. This choice will be applied to all customers that do not have a payment term selected. Moreover, this choice is applied to the creation of a new customer. (Available from version 4.16.36.0 onwards)

Modifying the the days for net price will allow you to update each customer file with the payment term. (Available from version 4.16.39.0 onwards)

In the example here, we see that we apply 2% discount for invoice 10416 since the invoice is dated May 22, 2020 and the payment is made within 10 days.

The discount is $1149.75 x 2% = $22.99.