Payment Terms screen
Use the Payment Terms screen to add, modify, and delete payment terms, which specify the conditions that receivables from customers and payables to vendors are to be paid. Payment terms determine when an invoice is due and the timing and amount of any discounts that might be available. Payment terms examples:
- Net 30 days (payment due within 30 days of the invoice date)
- 10th of Next Month (payment due by the 10th day of the upcoming month)
- 2% 10 days, Net 45 (payment due within 45 days of the invoice date with a 2% discount if payment is made within 10 days of the invoice date)
Note: To open the Payment Terms screen, click in the All Tasks pane.
You must assign default payment terms for each customer and each vendor.
All payment terms are available throughout the application. They are not tied to any single company.
Note: The Payment Terms screen is a step in the initial setup process. The Tax Authority screen is the next step.
