Payment terms template helps us to define specific rules for each Customer or Supplier Specific Payment terms. When you make a Quotes or Order for a specific Customer, the required, Payments Terms would come from these pre-defined Payment Terms templates.
Payment Terms Template are different from Credit Terms.
Credit terms are focussed more on the TIME PERIOD. For example 15 Days Credit terms, 30 days Credit terms, 45 Days Credit terms etc.
Some example like
- 50% Advance and 50% before Shipments.
- 100% Advance.
- 20% Advance and remaining 15 Days after Delivery of Services.
You can define multiple Payment Terms and the details. These are used in Sales Quotes, Sales Orders or Purchase Orders modules.
Define the Payment Terms ID, its Descriptions as below in our Payment Terms Template menu.
