Payment terms specify when a supplier must be paid for an invoice.

Payment term types are created by selecting the Payment Term field from the Purchase section in the Settings menu. These payment terms will appear as option in the relevant field when creating a purchase record.

The fields to be filled in the screen opened with the New Payment Term button are listed below;

  • Name: The definition of the payment term to be created is written. For example "Within 30 days due cash" etc.

  • Payment Method: Bank Credit, Bank Transfer, Cash, Check, Credit Card and Debit Card payment methods are selected.

  • Number of Days: Maintain the number of days for these payment term is valid.

  • Fixed Days: It can be used as an alternative to the number of days field. For example; When 31 is entered, it means the last day of the month.

The payment terms can be edited or deleted with the Action button in the list.

Payment terms created here will appear as option on the purchase order record creation screen.

You can review the related article below, which contains detailed information on this subject;

Did this answer your question?