Field descriptions: Payment term

This page describes the Payment term fields by block in alphabetical order.

Field Description
Active switch Switch to OFF to remove the payment term from invoices.
Business entity type Customer, Supplier or All.
Description A detailed description if needed.
Name This name displays in the Payment term dropdown list on the invoice pages for customers and suppliers.

Due block

Field Description
Number of days

The number of days after the target date selected in the Type field.

Zero indicates the payment is due on receipt.
Type

Defines the payment due date based on one of the following:

  • After invoice date
  • After invoice date and extended to end of month
  • After the end of the month of invoice date

Discount block

You do not need to enter a discount. You can define a discount and a penalty for the same payment term.

Field Description

Amount

Percentage

This field displays the type of discount selected.

The value represents a fixed amount or a percent according to the discount type.
Day The number of days after the date selected in the From field.
From

Defines the payment due date based on one of the following:

  • After invoice date
  • After invoice date and extended to end of month
  • After the end of the month of invoice date
Type A fixed amount or a percentage of the invoice amount.
The amount defaults to the invoice currency.

Penalty block

You do not need to enter a penalty. You can define a penalty and a discount for the same payment term.

Field Description

Amount

Percentage

This field displays the type of penalty selected.

The value represents a fixed amount or a percent according to the penalty type.
Type A fixed amount or a percentage of the invoice amount not including VAT.
The amount defaults to the invoice currency.