This common screen allows you to set payment terms for a customer, vendor, commission, and other agreements. Select the term type first and the fields for that term type will appear:
- Net Payment Due in Specified Days - Enter the net days in the term value field (for example, 30 for "Net 30.")
- Net Payment Due on Fixed Day of the Month - Enter the day of the month in the term value field and the cutoff day of the month in the "Min" field. For example, if invoices before the 20th day of the month (ie, Dec 20) are always billed on the 10th of the next month (ie, Jan 10), but invoices after the 20th day of the month are billed on the 10th two months later (ie, Feb 10), enter "10" for term value and "20" for min.
Clicking the [Create Agreement Term] button will apply the agreement term to the agreement. Clicking the [Remove] button will remove the payment terms section of the agreement from the screen, so that no payment terms may be applied to the agreement.