Terms

Why Set Up Payment Terms?

Payment terms define how and when customers should pay for your products or services. Setting them up early helps you avoid incomplete reports and manual corrections later. You can always update or add new terms as needed.

If you have connected Industrack to QuickBooks, any payment terms from QuickBooks will sync automatically. However, synced terms cannot be edited within Industrack.

How to Access Payment Terms

1. Navigate to Settings.
2. Select Company Settings.
3. Go to Tax & Terms > Terms.

Once you’ve created your terms, you can assign them to individual customers.

Managing Payment Terms

On the Terms page, you will see a list of existing terms. Here, you can view, create, edit, or delete terms as needed.

Understanding the Terms Table

• Name – Displays the term’s name.
• Actions Menu – Click the three-dot menu to edit or delete a term.
• Sorting – Click the column header to sort the terms alphabetically (A-Z or Z-A).
• Items Per Page – Choose to display 10, 25, 50, or 100 terms per page.
• Navigation – Use arrows to move between pages (if applicable).

Creating a New Payment Term

1. Click the Actions button and select + Add New.
2. Enter a name for the term.
3. Choose the payment schedule:
   • Fixed Number of Days – Sets the due date based on how many days after the invoice date the payment is due (e.g., 7, 15, 30 days).
     • Example:
       Invoice Date: March 1
       Days Set: 15
       Due Date: March 16
   • Specific Day of the Month – Sets the due date to a specific calendar day every month (e.g., 3rd, 15th, 20th of the month).
     • Example:
       Invoice Date: March 5
       Day Set: 20
       Due Date: March 20
       Every invoice, regardless of issue date, will be due on the 20th of that month.
   • Next Month Rule – Used for invoices issued late in the month. If the invoice is created between specific days (e.g., 25th–31st), the due date moves to the next month.
     • Example:
       Invoice Date: January 28
       Rule: Next month
       Due Date: February 15
4. Save the term. It will be added to the list.

Editing a Payment Term

1. Find the term in the list.
2. Click the three-dot menu next to it and select Edit.
3. Make the necessary changes.
4. Click Save to update.

Deleting a Payment Term

1. Locate the term in the list.
2. Click the three-dot menu and select Delete.
3. Confirm the deletion.

To delete multiple terms: Select the checkboxes of the terms you want to remove, click Actions > Delete.

Setting a Default Payment Term

You can choose a default term for invoices:

1. Click Actions and select Set as Default.
2. Choose the term that should be used by default.

By following these steps, you’ll streamline your invoicing process and ensure clarity for both your business and your customers.

Estimate Terms Carry Over to Invoice

When you select a specific term on an estimate, it will now carry over properly to the invoice—no matter how the estimate is converted.

Here’s how it works:

• If you convert an estimate to a job, and then convert that job to an invoice, the term you selected on the estimate will appear on the invoice (not the default term).
• If you convert the estimate directly to an invoice, the selected term will still carry over correctly.

This ensures your chosen terms stay consistent from estimate to invoice.