Search in:

Terms

Download Terms PDF

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 – Set a due date based on days after invoice (e.g., 7, 15, 30 days).
    • Specific Day of the Month – Set a fixed payment day (e.g., 3rd, 15th, 20th of the month).
    • Next Month Rule – Define a period where invoices issued within a certain timeframe are due the following month.
  4. Optional: Apply an Early Payment Discount
    • Enable this option if offering a discount.
    • Set the discount percentage.
    • Define how many days after invoicing qualify for the discount.
  5. 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.