Payment terms dictate a due date for invoices. They are calculated out from the Invoice date (or Accounts Receivable date). For instance, a bill created on the 8th of January with a payment term of 14 days would be due on the 22nd of January.
To set a default payment term for all invoices go to Admin > Accounting > Accounting system preferences and scroll down to payment terms.
Select default payment terms to be applied to new invoices. Select Create new payment terms to define a term unavailable by default. Select any term to edit.
Payment Terms on Bills
By default, the payment term set in Billing Settings will be selected for the bill.
| This will set a default but you can change the terms against an individual invoice when creating an invoice if you would like to deviate from the default. |
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