Setting up payment terms for accounts receivable

1.

Click Setup.

2.

Expand Customer.

3.

Expand Account Receivables.

4.

Click Payment Terms.

5.

Click New.

6.

Enter the following information: SHOW MORE INFO

• Code

• Name

• Due After Date

• Grace Period

• Minimum Payment

Field	Description
Code	A unique code that identifies the payment terms.
Name	The name of the payment terms.
Inactive	Select this option to deactivate the payment terms.
Due After Date	Select one of the following: Closing Invoice If there is a balance owing, the AR account holder has the number of days specified in the Grace Period to pay the entire balance without incurring finance charges.
Grace Period	The number of days after the billing cycle closing date or invoice date the AR account holder has to pay the entire balance without penalties. If you have set net payment terms, e.g., net 30, enter 30 into the Grace Period field.
Minimum Payment	The minimum payment that you want the AR account holder to pay on the account balance. This amount is displayed in the account statement. It is a recommendation only. Store Manager and POS do not enforce this amount and the AR account holder can make a payment that is less than the specified Minimum Payment amount.

7.

To copy an existing payment term, select it and click Copy.

8.

To edit an existing payment term, select it and click Edit.

9.

Click Save And Close.