Terms applies to both customers and vendors.
Displays the list of terms that determine the due dates for payments from customers, or payments to vendors. Terms can also specify discounts for early payment. From here, you can add or edit terms.
How to get here?
From the home page screen > company gear (upper right corner) > lists > all lists > payment methods
- It is available in all three plans. There is no need to turn feature on to use it. You can set default payment terms for customers and vendors.
To set default payment terms for customers – from the home page screen > company gear (upper right corner) > settings > company settings > sales > sales form content > Preferred invoice terms
To set default payment terms for vendors – from the home page screen > company gear (upper right corner) > settings > company settings > expenses > Default bill payment terms
- To add New Terms > select New (blue button, upper right corner) > small New Term screen will open > Name Terms > select Due in fixed number of days or select other term choice > save
- To run Terms list > from the Lists page > select Run report (next to New button, not under Action column)
- For Edit, Delete > select down-arrow (next to run report) under Action column
- To run Terms Quick Report > From the Terms page > select Run report under Action column > Customize if needed and run report>Optional: Save Customizations button to make this as “My Custom Reports” for business.
Sample report below is for net 30 term. Report will show both customer invoice and vendor bill. To run other term > select term in question and run report.