Custom Payment Term Options:
- Cash Customers are required to submit a down payment based on the downpayment rules set under Management Module > Global Settings > Ordering.
- The rest of the payment is due as soon as the order status is marked Completed and are considered past due at this point.
Payment Upon Completion
- Payment is due as soon as the order status is marked Completed and are considered past due at this point.
- This payment term functions just like Cash Customers except that the down payment requirement is ignored.
NOTE: If a credit limit is not entered, the downpayment rule will not be ignored.
Net 7, 15, 30, 45, 60, 90, 120
- Payment is Due 7, 15, 30, 45, 60, 90, or 120 days from the Completed Date.
For example, Using the Net 7 term:
- Order is Completed on May 7, payment due date is May 14.
- Order is Completed on April 28, payment due date is May 4.
- Payment is due on the 20th day of the month following the Completed Date on the order.
- This payment term uses different logic than any other payment terms for determining the payment due date. Instead of calculating the number of days from completion, this payment term uses the month the order was completed, then sets the payment due the following month on the 20th day.
- Order is completed on May 7, payment is due on June 20.
- Order is completed on May 21, payment is due on June 20.
Setting a Customer's Payment Terms:
- Navigate to the Customer's information page. Click on the Settings Tab.
- Click Update.
- Select the Payment Terms from the dropdown menu.
- Enter the Credit Amount.
NOTE: Credit Limits must be set for all payment terms except cash customers. Not entering a credit limit here results in the system applying cash customer rules to invoices for the customer.
- Click Update.