Create Credit Term

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Credit terms set the time limits for your customers payment due date on their invoice.

To create a credit term code for your business, click Master > Terms

In Manage term page, click Create

Fill in the form accordingly

Definition for Term type

1 Credit Bill: Will block next sales order creation if one bill of the payment is not clear yet

2 Credit Bills: Will block next sales order creation if two bills of the payment are not clear yet

3 Credit Bills: Will block next sales order creation if three bills of the payment are not clear yet

Cash on Delivery: Payment due immediately after delivery.

Example: Item delivered on 7 Oct 2019, Invoice credit will be due on 7 Oct 2019

Due in number of days: Payment due in X number of days. Refer to period field to set number of days

Example (Period =30 days): Item delivered in 7 Oct 2019, invoice credit will due on 6 Nov 2019

Due in number of months: Payment due in X number of months. Refer to period field to set number of months (for case of months, please use multiplier of 30=1 month,60=2 month,90=3 months and etc)

Example (Period 60=2 months): Item delivered in 7 Oct 2019, Invoice credit will due on 7 Dec 2019

Due in the month end: Payment is due at the end of the month of the invoice

Example: Item delivered in 7 Oct 2019, Invoice credit will due on 31 Oct 2019

Next Month end + X days: Payment is due at the end of next month of the invoice plus X number of days. Refer to period field to set number of days

Example (Period 7=7 days): Item delivered on 7 Oct 2019, the calculation will start from end of next month which is 30 Nov and it will plus 7 days. Therefore, invoice credit due date will be on 7 DEC 2019

Second Month end + X Days: Payment is due at the end of the second month of the invoice plus X number of days. Refer to period field to set number of days.

Example (Period 7=7 days): Item delivered on 7 Oct 2019, the calculation will start from the end of the second month, which is 31 Dec and it will plus 7 days. Therefore, invoice credit due date will be on 7 Jan 2020

Due on specific day of month: Payment is due on specific days of the months

This month end + X end: Payment is due this month end plus X number of days

After that, click Create button to create the term.

Green notification will appear and click save and close when done