Setting Up and Managing Credit Terms

Setting Up and Managing Credit Terms

 

Under the ‘Accounts’ menu there is an admin screen for creating and editing ‘Credit Terms’:


 

The list of current credit terms will show:

 

The Credit Terms are divided into two ‘Due’ types – Fixed and Other:

 

 

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** Instructions field can be added to the quote letter if required

FIXED
Offers Current Month, Following Month or Month(s) after Invoice.

 

30th of the following month

Setting up for the 30th of the ‘Following Month’ would use this rule with a 30 in the ‘Day of Month field:

 

 

60 days from the end of month

Setting up for the 60 days from the end of the month would use ‘Month(s) after invoice’ with the months at 2 and the day of the month. In this case we select the 30th:

 

OTHER

Other offers ‘Period after Invoice’.

This would be used for setting a specific number of days after the invoice date.

For 30 days after invoice, simply enter 30 into the ‘Days’ field when ‘Period after Invoice’ has been selected:

 

 


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The credit terms are ordered with the ‘Default’ entry appearing at the top of the list. This is followed by Credit Terms of type ‘Other’ first followed by 'Fixed'. This order is also reflected when selecting on the Customer record:

 

 

New credit terms can be created by clicking the ‘+’ button on the heading:


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