To setup “Term” in new QuickBooks Online:
From the homepage screen
- Select the Company Gear (upper-corner)
- Select “All Lists” under Lists heading
- Select “Terms”
- Select “New” button
- New Term screen will open
Name = Due following month end (or name as needed)
Select “Due following month end”
Enter “31” day of month
Under Due the next month if issued within
Enter “31” days of due date
See screenshot for reference.
Note: Term will apply to both Vendors and Customers.