Pay Term
The Pay Term is used during a transaction to define the number of days within which the payment must be completed.
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.
Due Payment Report on Dashboard
The system provides a Due Payment Alert on the dashboard to help track upcoming payments.
How it Works:
- Payments with a Pay Term due within the next 7 days are displayed on the dashboard.
- These act as reminders for pending payments.
- Helps admins track upcoming dues
- Enables timely follow-ups with customers or suppliers
- Improves cash flow management
How to Set a Pay Term
You can set a Pay Term while creating a Sale or Purchase transaction.
Steps:
- While adding a Sale or Purchase, locate the Pay Term field
- Enter the desired duration in Days or Months
- Complete and save the transaction
How It Works
- The entered Pay Term will be applied to that specific transaction
- The system will calculate the due date based on the transaction date and the pay term
- This due date is then used for payment tracking and reminders
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