Payment terms

The idea

A payment term is one rule: how much of the invoice, and how many days after the invoice date. A template groups terms. You choose a template on a customer or a document, and Parsimony fills the due dates for you.

The screens use example data from a demo company that sells flooring.

Step by step

Step 1. Know a payment term

1. In the Accounts module, open the term Net 30.
2. Invoice Portion (%) is 100, Due Date Based On is days after the invoice date, and Credit Days is 30.

Step 2. Build a template

1. Open the Payment Terms Template list. The example has two templates.
2. Open Net 30. The Payment Terms table has one row. More rows would split an invoice, if the portions add up to 100.
3. Open the row of the early payment template. Discount Settings: Discount Type Percentage, Discount 2, Discount Validity 10 days after the invoice date.

Step 3. Set the terms on the customer

1. Open a customer. On the Details tab, under Defaults, the Payment Terms Template box is blank for the example customer.
2. Choose a template there and the customer's new orders start with it.

Step 4. Watch the due date follow

1. On a new sales order, open the Terms tab. With no template the Payment Schedule is empty.
2. Choose a template and the schedule fills: here Net 30, 100%, Due Date 11-22-2026, thirty days after the order date.

What you may see on your own site

• Your own templates, customers and dates.
• Your administrator decides which templates exist.

Common mistakes

1. Leaving a customer's template blank and expecting a schedule.
2. Splitting an invoice with portions that do not add up to 100.
3. Saving a test order while exploring. Only look.