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
Navigate to Company Settings and select the 'Payment Terms' tab
Click 'Add Payment Term' or edit an existing one with the following fields
Custom ID (optional)
Payment Term Name
You can also archive these as needed.
You can choose to make the Payment Term selection in a contract or non-contracted invoice a required field by navigating to Company Settings > Financial Governance and enabling the follow setting:
Require Accounting Company and Payment Term for Contract and Non-Contracted Invoice Execution
Apply a Payment Term to a Contract or Non-Contracted Invoice
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.
Summary
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.