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Purpose

The purpose of this quick reference guide is to step through the process of creating Payment Terms. The intended audience for this document is System Administrators / Standard Users.

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Steps

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Create a new Payment Terms record

The Payment Terms record holds information related to the due date of an Invoice and number of days that can be applied to calculate the due date. To create a Payment Terms record, follow the steps below:
  1. Go to the Payment Terms tab.
  2. Click on the New button. (See Figure 1)
Screenshot from QRG Create Payment Terms
  1. Populate the following required fields to provide the base details of the Payment Terms: (See Figure 2)
    1. Payment Terms Name
    2. Payment Terms Description
    3. Due From
    4. Days From
Screenshot from QRG Create Payment Terms
  1. Click on the Save button.
  2. A new Payment Terms record has been created and is ready for use on Invoice Settings. (See Figure 3)
Screenshot from QRG Create Payment Terms
Alternatively, a Payment Terms record can be created using the corresponding Invoice Settings record’s related list.
Payment Terms records CANNOT be deleted if they have related records or are used in other records. Deleting records is not recommended unless absolutely essential.
  1. To modify an existing Payment Terms record, open the required record and select the Edit button available on the top right side of the page. You can also double click in any of the fields that need editing or just click on the pencil icon that appears within fields when you move your cursor over the field.
  2. When complete, click on the Save button.

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Field Descriptions

Payment Terms Name is the name given to the new Payment Terms record and is then referenced in Invoice Setting Records. This will be displayed on the Invoice PDF. Payment Terms Description records a detailed description of the Payment Terms to assist Users in selecting the correct Payment Terms. This will not be displayed on the Invoice PDF. Due From defines if the Invoice Due Date should be calculated based on the Invoice Date or the Last Day of the Month. This is a picklist of either Invoice Date or Month End. Days From defines the number of days to be applied to the Invoice Date/End of Month when calculating the Invoice Due Date. Enter the number to be combined with the Due From field to auto calculate the Due Date.

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Further Information