Payment Terms

In the Payment Term dialog box, you can add or edit the payment terms, descriptions, payment due, and any cash discounts that your company offers to a customer, that a vendor offers to your company, or that relate to sales tax payments to tax agencies.

1. From the Navigation panel
2. Double click on "Administration"

3. Click on "Payment Terms"

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4. The list of current available Payment Terms are now displayed on the screen

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5. Please do not make any changes to the right hand side of this screen, unless you are correcting a system reference for payment terms that has already been created.
   

To Create a New Payment Term

1. Click on button New

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2. The Payment Term window appears ready for you to create a new payment term to add to the system reference file.

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   1. Key in the "Payment Term ID"
   2. Key in the "Description"
      
   3. Select the "Payment Term Type" from the drop down list
      There are two Payment term types. Select either one being careful to assign the right value to either 'Days'
      
      
   4. Enter the "Days". The number of days based upon what payment term type you have selected.
   5. Enter the "End of Month Threshold Days"
      
      
3. Click "Save and Close"

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   This payment term is now created, added to your list of available Payments Terms and you can select these payment terms when setting up a customer.