Pay Term
A Pay Term defines the payment due period for a transaction.
For example:
- If a Pay Term of 10 days is set for a sale or purchase, the payment is expected to be completed within 10 days from the transaction date.
This helps businesses manage and track upcoming dues effectively.
How to Set
- While creating a Sale or Purchase, locate the Pay Term field.
- Enter the duration in Days or Months.
- Save the transaction.
Result
- The system automatically calculates the due date based on the Pay Term.
- The transaction will be tracked as due until payment is completed.
Due Payment Report on Dashboard
The Dashboard displays a Due Payment Alert to help monitor upcoming payments.
How It Works
- Transactions with a Pay Term due within the next 7 days are automatically shown.
- These entries act as reminders for pending payment.
Benefits
- Track upcoming dues in real-time.
- Enable timely follow-ups with customers and suppliers.
- Improve overall cash flow management.
Setting Default Payment Term
Customer/Supplier-Level Pay Term
Set custom Pay Terms for specific Customers or Suppliers.
Steps:
- Go to Contacts → Customers/Suppliers List
- Click Actions → Edit for the required contact
- Set the Pay Term
- Save
Result:
- The Pay Term will be applied only to that specific customer/supplier
- When this customer/supplier is selected during a sale/purchase, the applied pay term is set for that sale/purchase.
Making Pay Term Mandatory (Pay Term Required)
You can enforce Pay Term entry for every transaction by enabling the Pay Term Required option.
How to Enable
- Go to Settings → Business Settings
- Locate the Pay Term Required checkbox
- Enable the checkbox and Save
Result
- The Pay Term field becomes mandatory while creating a Sale
- Users must enter a Pay Term before completing the transaction
- Ensures consistent tracking of credit periods and due payments
📩 Still stuck? Contact Support