The Properties Register - Payment Terms

View - Settings - Company - Properties Register

The Properties Register allows you to customise existing payment terms and to create new ones according to your requirements.

Field Descriptions

Form of payment: Drop-down list of payment terms available in the program. When using the Cash invoice payment term both the invoice and the payment will be posted under the same Journal Entry Number.

Dispatching fee: Here, you may import a dispatch fee product that you created in the Product Register.

Description: Free text.

Collection period: Only applies to the Invoice payment term. Enter the number of days.

Free delivery month: Only applies to the Invoice payment term. Credit-free months are calculated from the start of the month.

Early Payment Discount: By using the Early Payment Discount, customers who pay before the due date stated on the invoice can be offered a discount on the net total. The early payment discount can be set up in two levels. The basis for the discount is the product price without VAT. This means that the discount does not reduce the VAT.

Note! It is not possible to offer early payment discounts via the order confirmation from the webshop.

Available on the web: If you are using the program's webshop functionality you can specify that the payment term is to be available to your webshop customers.

International purchases: Only shows if you selected the Available on the web option. Check that the payment term can be used by international customers.

Advanced

Invoice reports: Links the payment term to a chosen invoice report, which will be pre-chosen when creating invoices, but may be overwritten.

Collection period: Enter the number of days to be displayed on the invoice report.

Free delivery month: Enter any credit-free months to be shown on the invoice report.

Journal Type: Links the payment term to a journal type for journal entry.

Post to Customer & Supplier Ledger: Payments should usually be posted to the contact's ledger. Check with your accountant if you require to post a payment outside of the Customer & Supplier Ledger.

Editable due date: Ticking this box allows you to edit the due date after the item has been invoiced.

Cash: Cash means that the invoices are regarded as paid for upon their creation. The Account no. has to be entered in a separate field.

Account no. for payment: This field only shows if you ticked the Cash box. Select the N/C from the Chart of Accounts. If you do not make a selection here, the invoices for this payment term will be posted to the default account that was set for payments of cash invoices in the Accounting Settings.