Home > Accounts > Screen Shots/Explanations > Payment Terms

Payment Terms

This task allows you to define account payment term codes. These are used to group accounts together according to when payment is due, for example weekly, fortnightly, monthly, and so on. However, you can have more than one type of term for a given period which you can then use for further grouping.

Figure: Example Payment Term Screen

Code

A code identifying the payment term.

Description

The term’s description.

Payment Days

The number of days within the term, for example 7, 14, 30. This can then be used for calculating when an invoice is due for payment.

Comments

The default message which should be printed at the bottom of the statements for this payment term.

Invoice Date

If selected, the system will add the number of days within the term to the current date and then set the due date to the end of that month. Usually this check box is not selected.

Converted from CHM to HTML with chm2web Pro 2.85 (unicode)