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Terms of payment
Here you are able to define the terms of payment that will be included on invoices. Note that the text can be in any language.
To create terms of payment:
- Click ‘Settings’ > ‘System setup’ > ‘Terms of payment’
- Click ‘New terms of payment’ above the list area
- Edit the fields Details:
- Click ‘OK’
Note: you can create as many terms of payment as necessary, and then apply them to different customers.
Details about the fields
Note that not all fields are mandatory.
| Field | Action |
|---|---|
| Name | The text to be included on invoices e.g., “Invoice month + 14 days” |
| Description | Further text to be included on invoices |
| Type | i. Net: To be paid now ii. Invoice month: To be paid this month iii. Paid in cash: Already paid iv. Prepaid: No due date is printed v. Due date: Define the due date vi. Factoring: The payment is immediately matched and booked as indicated on the two accounts (usually a bank account and the account for the factoring company) vii. Invoice week, starting Sunday: Must be paid this week - the week starting Sunday. If you use even number of days counted from the first coming Sunday and x number of days ahead, start today. If you write 0 in the days counted naturally 7 days ahead, start today. viii. Invoice week, starting Monday: To be paid this week - the week starting Monday. If you use an even number of days counted from the first Monday and x number of days forward from the starting day. If you write 0 in the days counted naturally 7 days ahead, start today. viiii. Credit Card:When you book an invoice using this payment term type, the customer invoice will be booked as paid and a new credit card invoice will be created and booked on a "pseudo" customer to represent the outstanding amount from the credit card company. This new invoice will appear as open/unpaid until the payment has been received by the bank. |
| Days | Enter the number of days until the due date |
To add terms of payment to a certain customer:
When you apply terms of payment to a certain customer, these terms will be applied to all transactions with that customer as well as their e.g. invoices and other documents where the terms of payment are listed.
- Go to the Sales tab and click the "Edit" pencil icon to edit the details for that customer.
- Choose the terms of payment to be applied to the customer:
- Click OK
- These terms will now be applied to that customer and all of their corresponding transactions and documents.