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Company Settings: Payment Terms

Learn how and when to create and use payment terms for clearer contracting.

Written by Carmela Flores

Overview

The Payment Terms module is a new workspace-level table designed to help you define, manage, and apply payment terms across your projects and invoices.

Prerequisites

To create or edit payment terms at the company level, your account must have the appropriate permissions to access Company Settings.

Process

Set Up your Payment Terms

  1. Navigate to Company Settings and select the Payment Terms tab.

  2. Click + Add Payment Term or edit an existing one with the following fields:

    1. Custom ID (optional)

    2. Payment Term Name​

    • You can also archive these as needed by clicking the Archive icon beside the Payment Term.
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  3. You can choose to make the Payment Term selection in a contract or non-contracted invoice a required field by navigating to Company Settings > Governance Settings and enabling the follow setting under the Commitments and Invoices tab:

    1. Require Accounting Company and Payment Term for Contract and Non-Contracted Invoice Execution and Require Accounting Company for Project Creation.

Apply a Payment Term to a Contract or Non-Contracted Invoice

  1. Create a Contract or Non-contracted invoice and select a payment term from the dropdown in the details step.

Note: Payment Terms will also be available in our API.

Now you can easily manage all your payment terms in one place at the workspace level. Add, edit, or archive terms and have them automatically available for new contracts, non-contracted invoices, and even in APIs.

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