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In this module you will see how to Setup Billing Terms like Montly, Weekly, Daily etc.

To go to this section, Click on Configuration → Payment Term

Below displayed window will appear.

Screenshot: Payment Term

This is the Payment Term Page where all created Payment Terms are Displayed.

We will see how to Create a Payment Term, Click on Create New button on the window,

Below displayed section will appear on the window.

Screenshot: New Payment 

Marked section will appear for creating a Payment Term of your choice, Below displayed table will help you in that.

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. 

Fill all the Parameters and click on SAVE   icon. The Payment Term will get created.

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