Customer Payment Terms allow you to define when payments are due for each customer, giving you flexibility to manage cash flow and customer relationships. By setting payment terms, you can standardize expectations, reduce confusion, and streamline your invoicing process. This article will explain how to set up and manage Customer Payment Terms in CoreBridge.


Table of Contents



Customer Payment Terms Defined


Cash Customer

  • Cash Customers are required to submit a downpayment based on the downpayment rules set in the system. For more information, please see Customer Payment Terms Defined
  • 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 downpayment is not required.

Note: If a credit limit is not entered, the downpayment rule will apply.

Net 7, 15, 30, 45, 60, 90, 120

  • Payment is due 7, 15, 30, 45, 60, 90, or 120 days from the Completed Date.

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.

Net 30, 45, 60, 90 End of Month

  • The payment is due 30, 45, 60, or 90 days after the end of the month in which the invoice was issued.

Example:

  • Order is Completed April 10, the end of that month is April 30, so the due date would be May 30.


Following 20th

  • Payment is due on the 20th day of the month following the Completed Date on the Order. 
  • This payment term calculates the due date based on the month the Order was completed, with payment due on the 20th of the following month.

Example:

  • 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 Sales Module / Customers and select the appropriate Customer.


1. Select the Settings tab.

2. Click Update.



3. Select the Payment Terms from the dropdown menu.

4. Enter the Credit Limit 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.

5. Click Update.




Managing Downpayment Rules


Down payment rules for cash customers can be tailored to fit your business needs, allowing you to set flexible requirements that ensure clarity and consistency at the time of sale.


Navigate to Management Module / Global Settings / Ordering.


1. Select the Ordering Rules tab.

2. Click on Cash Customers.

3. Customize the Label, if desired.

4. Set your Downpayment Rules.

5. Click Save Changes.




Credit Terms Settings


This section of the system allows you to set the grace period and choose whether a customer will simply be warned or payment required before new Orders are placed.


Navigate to Management Module / Global Settings / Ordering.


1. Select the Ordering Rules tab.

2. Click on Customers on Terms.

3. Set the Grace Period.

4. Select the action to be taken if the Customer's account is in default.

5. Click Save Changes.