Create Different Term of Payments in Cloud Accounting

Learning how to create different terms of payments in Cloud Accounting is easy and fast!

Term is the pre-agreed term of payment of each individual Supplier and Customer within the business. This function is useful for generating various reports such as Supplier/Customer Aging and Outstanding Invoices reports, ensuring sustainable cash flow for the business.

You are required to select a Payment Term for all customers and suppliers created in the system. 

To access the Term setting screen. Expand Company, Maintenance and click on Terms. 

By default, system has pre-generated a few Term Codes, but you may create or customize the Terms in the system.

In Terms List view, click on Add.

Input the required info.

Code: This is a compulsory field with maximum of 20 alphanumeric length. The input Code should be unique.

Description: Compulsory field where you may indicate the Term’s name or explanations of the Payment Term.

Type: Define whether the Term created is Due in Days or Due in Months.

Day(s) / Month(s): Depending on the Type selected. Input the number of days or months.

Default: Toggle the button on or off to set the Term as Default in Suppliers and Customers Maintenance. Only 1 Default Term can be set at a time.

Click on Submit to Save the new Term.

To edit an existing Term, go to the Term List View and simply click on the Term Code you wish to edit. 

The Term setting screen will prompt. Edit accordingly and Click on Submit to save the new settings.

To Delete an existing Term, go to the Term List View. 

You may easily pick several items by using the checkboxes in the far-left corner of each term. The Delete button will be enabled after you have chosen the term(s) you want to delete.

Click on Delete and a request for confirmation will appear. Click ‘Confirm Delete’ to delete the term(s).

IMPORTANT NOTE: Term deletion is allowed as long as it is not used in any transactions and is not associated with any Customers or Suppliers.

After you have created a Payment Term. It can now be used in Customer and Supplier Maintenance, and in certain transactions, such as Customer Invoice, Customer Debit Note, Sales Quotation and Sales Invoice.

Customer/Supplier Maintenance

Transactions example – Sales Invoice