Setting payment terms for invoices

Setting payment terms for invoices

Payment terms are used to determine when an invoice becomes past due for purposes of the Accounts Receivable report and applying late fees.  For more information about applying late fees, please see applying late fees to past-due accounts.

To set payment terms:
  1. Click on the "Settings" module
  2. Scroll down the page to "Payment Terms" under "Configurations" 
  3. Click on the edit icon for the "Payment Terms" row
  4. Set the "Payment Terms" field to the applicable term
  5. Click "save"
                                    

When selecting the payment term, the 'Net' term determines the number of days the client has to pay their invoice:

                                                               

When applying late fees, you can customize the settings for the late fees and apply the fees to past invoices as well. The form will show you the number of invoices that will be affected by the update:  

                                    

To set client's as exempt from late fees:
  1. Navigate to the client's profile
  2. Click "Edit Profile"
  3. In the "Exempt From" field, select Late Fees
  4. Click Save & Done

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