Payment Terms

1. Business Partners

1.5 Payment Terms

A term of payment, also sometimes called payment term, is documentation that details how and when your customers pay for your goods or services. Terms of payment set your business’s expectations for payment, including when clients pay and what penalties they may receive for missed payments. With this outline, your business can receive payment more easily and make the payment process more transparent to customers. User can add/delete and edit payment term from this screen as shown in figure 1.

figure 1

#	Field	Description
1	Code	Payment term code, mandatory and unique field
2	Name L1	Payment term name language 1, shouldn’t be empty
3	Name L2	Payment term name language 2
4	Short Description L1	Brief payment term description language 1
5	Short Description L2	Brief payment term description language 2
6	Is Active	Select this term is active or inactive
7	Payment Type	Payment type is it single installment or multiple installments
8	Due Date Base	The base of due date
9	Due Days	Number of due days
10	Terms Text L1	Terms text in language 1
11	Terms Text L2	Terms text in language 2

User can define payment term installments from this below side of screen