Payment terms allow you to set the amount of time in which someone has to pay back an amount due. This window allows you to configure various customer payment terms that your organization allows. Terms also allow you to print an appropriate term’s description on Order Entry invoices. For access to this navigation item, system administrators must have a Finance: 5 module authorization level.
To add new payment terms, do to the following:
- Go to Settings > Finance > Terms.
- Select Add new term:
- Enter a Terms Code or abbreviation to create the term category.
- Enter a longer Description that you want to see printed on invoices for the term category. For example, Net 30.
- Click Save.