Setting Payment Terms on Invoices
In this article:
- Managing Default Payment Terms for All Invoices
- Applying Payment Terms to Invoices
- Managing Customer-specific Payment Terms
Background
You can set default payment terms (e.g., Net 10, Net 30) for your invoices in your Accounting software. These terms help automatically calculate invoice due dates.
Managing Default Payment Terms for All Invoices
- Access Payment Terms Settings
- Go to Settings > Accounting Settings > Customer Payments > Payment Terms
- View Pre-Set Payment Terms
The following options are available by default:- Due on Receipt
- Net 5
- Net 10
- Net 30
- Net 60
- Net 90
- Set a Default Payment Term
- Click the star icon next to your preferred payment term to set it as the default for new invoices.
- Add a Custom Payment Term
- Click +Add New at the top to create your own terms.
- Edit or Delete Payment Terms
- To edit: Click the pencil/edit icon.
- To inactivate: Uncheck the Active box.
- View inactive payment terms by toggling “Show Inactives” at the top of the page.
- To delete: Click the trashcan icon (only available if the payment term hasn’t been used.)
Applying Payment Terms to Invoices
- When creating an invoice, use the Terms dropdown to apply a payment term. The due date will be calculated automatically.
- To enter a custom due date, select None Selected and enter the date manually.
Managing Customer-specific Payment Terms
- Set a Customer-Specific Payment Term
- Go to Accounting > Receivables > Customers > Customer Name > Info Tab
- Use the Default Payment Terms dropdown to assign specific terms to that customer.
- Effect on Future Invoices
- The customer’s default payment terms will automatically apply to new invoices, but you can still adjust terms on individual invoices.
Check out these other help articles to learn more about the accounting software features:
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