This topic describes how to configure payment terms for AR accounts.
Click Setup.
Expand Customer.
Expand Account Receivables.
Click Payment Terms.
Do one of the following:
To add a new payment term, click New.
To edit an existing payment term, select it and click Edit.
To copy an existing payment term, select it and click Copy.
Enter information about payment terms.
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.
