Setting Up Payment Terms

This section explains how to configure the standard payment terms given to your customers. The terms set will also automatically determine the due date for the customer’s payment to you.

If you don’t have any payment terms, you can skip to the next course unit.

Go to: Main Menu  >  Accounting  >  Settings  >  Payment Terms  >  + New Payment Term

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Fill in the relevant information.

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Brief explanation:

  1. Name: Name the payment term.
  2. Sequence (Optional): Create a sequence for the payment term.
  3. Description (Optional): Explanation on usage of the payment term can be done here.
  4. Days: Set the duration of the payment term here.

After filling in the relevant information, select “Save”

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2 thoughts on “Setting Up Payment Terms”

    • Correct Answer: b) False

      Explanation: The essential information needed in creating a payment terms is name and number of days.


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