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The payment terms specify the period allowed to a buyer to pay off the due amount.

This section helps to make the client’s invoicing easier and faster by allowing to use auto-invoicing profiles,


You can go on this option by clicking on Configuration → Payment Term

Below displayed window will appear.

Screenshot: Payment Term




Field Name

Description

Name

The name of the payment term

Invoicing Cycle

You can specify the exact day or the frequency of payments here There are some options as below:

Day of month: Invoice on a specific day of the month You have to select the day in the next drop down list Example: If you set the 1st, you have to pay for the 1st of the month

♦  Every: Set the specific number of the day that frequency of payments You have to select the number of days in the next drop-down list Example: If you set the number is 40, the second payment will be happened 40 days after the first payment

♦  Day of Week: Invoice on a specific day of the Week You have to select the day in the next drop down list Example: If you set Monday, you have to pay for every Monday of the week

♦  Some days of Month: Set some specific day of the month that frequency of payments You have to input the day in the next text box Days are separated by commas

♦  Twice in a Month: You have to pay twice in a month: 15 and last day

Grace Period

Period that specifies how much time the client has to pay the bill after he was invoiced, it's the Due Date in invoices

Notify(Days)

Here you can set how many days before the payment date (invoicing date + grace period) reminders will be sent to the client 
For example, if you will enter 10 as a value, the reminder will be sent 10 days before the payment date 

We will now see the buttons present on the screen, we will see what their uses are,

Button

Description

This button is used to edit the payment term

This button is used to delete the payment term

This button is used to select the name of Payment Term to query Click on the arrow, the list of all available payment term will be displayed

This button is used to refresh to get latest the list of the Payment Term

This button is used to query data Clicking on this button, the result will be displayed

This button is used to set the total of records per a page

This button is used to select the column which will be shown/hidden

This button is used to go to next, previous page It is also used to go to the specific page by clicking on the number of page

Adding a New Payment Term


To add a new payment term, Click on the CREATE NEW button,

Below mentioned page will appear.

Screenshot: Adding a new payment term


Here you can add details are described on the table mentioned above,

After filling all the fields, click on SAVE icon  to save or if you want to delete the payment term you can click on CANCEL icon to delete the payment term.

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