Payments terms define the amount of time you, the seller, allow the buyer to pay for the goods. The payment terms will define the due date of the invoices.
Some payment terms you might use could be:
- 0 days - The payment is due imediately.
- 7 days - The payment is due within 7 days of the invoice issue date.
- 14 days - The payment is due within 14 days of the invoice issue date.
- 30 days - The payment is due within 30 days of the invoice issue date.
Create a payment term
1. Log into TradeGecko and go to Settings> Payment Terms
2. Click 'Add A New Term' on the top right hand corner
3. Enter the details of your Payment Term and then click Save.
To set up a customer's payment term to be due at the end of the month following the invoice date;
1. Create a New Payment Term called, "End of Month".
2. Enter Due in Days "0"
3. Change "Invoice Date" to "End of Month
4. Browse to the specific customer and click edit
5. Change Default Payment Term to the "End of Month" payment term you created
You can also set this as the default payment term for all customers when creating the payment term