Set Up Terms of Payment Details

At the top of the Tax & Term page, you will see two tabs., one for Tax and the other for Terms.

Create tax rates applicable to your business and different terms of payment to be offered and used for different types of customers and services/inventory. You’ll be able to prepare your documents and generate different reports without these taxes and terms but they will be incomplete. Avoid the hassle by setting them up early on. You can always come back anytime to update and add more information.

Terms of Payment

Under the Terms tab, you will see a list of all previously created terms. From here, you will be able to create different terms of payment to be offered and used for different types of customers and services/inventory.

To access the terms set up page, go to Settings > Company Settings > Tax & Terms > Terms tab.

The Term Table

  • The Term table has only 2 columns:
    • Term Name 
    • Action button – used to add, edit or delete Terms
  • Sort the Term List by name:
    • Click the name column header to sort the list alphabetically, (Z → A) or (A → Z)
  • Items Per Page 
    • Select the number of term items to be displayed per page. Options to choose from are 10, 25, 50, 100
    • Use the side arrows to move from one page to another (if there are more than one page). If there is only 1 page, this feature is disabled.

Create a Term

  1. Click the Actions button at the upper right-hand corner of the Terms table.
  2. Select + Add New.

  3. From the Add New Term window, fill in the fields.
    • Name – create a name/title for the term.  
    • Select an option forthepayment
      • Fixed Number of Days
        • Select this option if the term is a fixed number of days from the invoice date, for example, 7, 15, or 30 days.
        • Key in the number on the field.

      • Certain Day of the month
        • Specific Day of the month
          • Select this option if the due date should be on a specific day of the month
          • Key in the specific day of the month for example 3 (for 3rd), 15 (for 15th), 20 (for 20th) of the month that payment is due
        • Additional condition: due the next month if issued within…….
          • Enter the number of days prior to the due date for which invoices issued after that date will be due on the payment day the following month.
          • For example; If payment date (based on a specific day of the month) is Oct 15, and the due the next month if issued within… is 10 days, any invoice issued between Oct 5 and Oct 15 (if issued within “10” days) will be due on Nov. 15.

        • Apply a discount for early payment
          • Activate this option if a discount is to be granted for early payment.
          • Indicate the discount rate to be given (in percentage)
          • Define what early payment means – specify the number of days the payment should be made from the date of invoice   
          • Leave the checkbox unticked if a discount is not an option.

  4. Save the new Term item. This will be added to the list.
  •  

Edit a Term Item

  1. Click the 3-dot menu to the right of the item to be edited.
  2. Select Edit.
  3. Update the corresponding field/fields from the Edit Term window.

  4. Save the changes.

 

Set a Term as Default

  1. You can select a term
  2. Go to Actions
  3. Set as Defaults (This will provide you a default term)

 

Delete a Term Item

  1. Click the 3-dot menu to the right of the Term item to be deleted.
    • To delete multiple term items tick the checkboxes beside the Term items to be deleted and click the Actions button.
  2. Select Delete.

  3. Confirm the delete action. The term item will be removed from the list.