A Payment Term helps to set a schedule according to which payments will be made.

To Access Payment Term:

Login to ERP > Desktop > Accounting > Payment Term

Create Payment Term

1. Go to Payment Term
2. Click Add Payment Term
3. Enter Payment Term Name
4. Set Invoice Portion.
5. Select Due date based on and payment method
6. In the Credit Days field enter the number of days after which the remaining amount has to be paid.

Setting up Discount on Early Payments

You can set up a discounted payment terms such that if payment is done within the specified period then some amount/percentage of the invoice value will be discounted. The define the discount in the discount settings section.

Select the discount type (either percentage/amount) Under Discount field Set the Disocunt Amount/Precentage Select discount validity based on Under Discount Validat field set the number of days the discount is valid.