Payment terms
A payment term says when a credit invoice or bill must be paid. Fiscal uses it to fill in the due date, and the due date decides when a document shows as overdue.
Open Settings›Payment Term.
Term types
| Term type | Due date | Example |
|---|---|---|
| Net Days | A number of days after the document date. Enter the days in Due in (Days). | Net 30: an invoice dated 10 March is due on 9 April. |
| End of Month | The last day of the month the document was issued in. | An invoice dated 10 March is due on 31 March. |
| End of Month + Days | A number of days after the end of that month. Enter the days in Days After EOM. | EOM + 15: an invoice dated 10 March is due on 15 April. |
Add a payment term
- Click New.
- Enter the Term Name, for example Net 30, and choose the Term Type.
- Enter the days, if the type needs them. The form explains when an invoice with this term will be due.
- Add a Description if you like, and click Save.
Where terms are used
- On a customer or vendor, as the Default Payment Term. It is filled in automatically on the customer's new invoices, and on the vendor's new purchase orders and bills.
- On invoices and bills, where you can change the term for that document. The due date is recalculated when you change the term or the date.
- In the overdue lists on the The dashboard and in the ageing reports.
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