Add new Payment Term

Payment term is the conditions under which a seller will complete a sale. Or in a simpler form, its explained as when will your buyers have to return you your money.

Where can you find payment term?

1. Go to Payment Term setting under Cashflow menu 
2. Click Add New Button
3. Name the payment term you preferred 
4. You can also set it as a default. Which automatic apply to the invoices you issue.

Tenure - The default time frame to bill your customer (either in day, week, month)

Amount - set it as a percentage

Cash= Paid in cash

NET 30= Pay within 30 days

EOM= Pay end of the month

50.50= Pay 50% today, and another 50% another day (you can set the date).

70.30= Pay 70% today, and another 30% another day.

Example:

1. 100% amount due in 30 days
   • Tenure: 30 days
   • Amount: 100%
2. You collect deposit first, and the balance pay break into 2 payment
   • Tenure 1: today, Amount: 50%
   • Tenure 2: 1 month, Amount 30%
   • Tenure 3: 2 month, Amount 20%
     Note: the total of amount should be 100%

You are still allowed to change the date and amount when you issue the Sales Invoice.