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The payment terms are conditions applicable for any sale transaction. Typically, these terms specify the period allowed to a buyer to pay off the amount due and may demand x% payment in advance, payment on delivery, a deferred payment period of 30 days or more, or other similar provisions.
(Path: Definitions → Advanced → System → Payment)
Term Name Enter Payment term name
Term Type Select term type
KEY FEATURES
1. Due Date Base - Mention the due date before which the payment is to be made
2. Start From - The starting date of the payment process
3. Credit Days
4. Payment Mode - Mode of payment like Bank, Cash, Cheque, Credit etc.
5. Cash Discount % - Discount % available if payment made in cash
6. Advance Type - If advance payment is made then select the type of advance payemnt like- Percentage , Absolute value
7. Advance Rate - Enter the amount paid in advance
8. Installment Type - Type of installment in which the payment is to be made like- Due Date, Due Days , None
9. Installment Number - Enter the number of installments in which the payment is to be completed
10. Interest Type - Type of interest applicable if paid in installments like- Percentage, Absolute value
11. Interest Rate - The rate of interest applied
