Accounting terms

Configure the basic Account Terms for Standard terms.

Edit the Standard terms on the Accounting terms tab in Credit control under Accounts Receivable in the main section of the Configuration and Tools page.

In this example the basic account terms defined for Standard terms are:
  • New accounts will start with a Default treatment level of Settled (not overdue).
  • Invoices will be automatically set with a date of the last day of the invoicing period. For monthly invoices this is the 31st of the month.
  • Accounts on these terms are expected to pay within 14 days after the invoice date.

Figure: Account Terms configuration for the Standard terms accounting terms

Screenshot showing Account Terms configuration for the Standard terms accounting terms.
Note: Issue date is also commonly used. Issue date means that the customer always has the same number of days to pay before an invoice become overdue. Invoice date is fixed. If invoices are issued late then the customer will have less days to pay before they will be regarded as overdue.