SalesPad Cloud's Payment Terms feature establishes various time frames for payments, either from your customers or to your vendors. Payment Terms are initially pulled from QuickBooks Online, but new ones can also be created within SalesPad Cloud. Payment Terms are used to calculate the due date on posted invoices. When defining a Payment Term, a discount can be calculated if the customer pays early, which is tracked on each posted invoice. For example, a customer can receive a 2% discount if they pay within 10 days of the invoice date, otherwise, the entire invoice is due in 30 days. Typically this is displayed as 2% 10 Net 30.
To get started, select Payment Terms from the Settings menu.
To create a Payment Term, click the New Payment Term button in the upper left-hand corner of the screen.
The Create Payment Term drawer will appear. Fill out the information fields in this drawer.
For a brief explanation of the different information fields in the Create Payment Term drawer, click here:
Payment Terms Name - Allows you to give the Payment Term a name
Description - Allows you to describe the Payment Term
Discount Percent - Displays the amount that is discounted using these Payment Terms
Due Within a Fixed Number of Days - If checked, indicates that payment is due within a fixed number of days
Due Within (days) - Indicates within how many days payment is due
Due By a Certain Day of The Month - If checked, indicates that payment is due by a certain day of the month
Due Before Day Of The Month - Day of the month payment is due before
Next Month Due Cut Off Day Of The Month - Cut off day of the month for the payment
Discount Type - Designates either a Standard discount or a Date discount (a discount tied to a day of the month)
Discount if Paid Within (days) - Indicates the number of days the discount is available
Discount Day Of The Month - Indicate which day of the month is associated with the discount
When you've finished entering your information, click Save.
To edit an existing Payment Term, first select the Payment Term from the list on the left-hand side of the Payment Term window.
Once you've select the Payment Term you want to edit, make your changes in the information fields on the right-hand side of the screen.
When you've finished making your changes, click Save.
Note: Payment terms created QuickBooks Online will import into SalesPad Cloud when the integration runs. Payment Terms created in SalesPad Cloud will push to QuickBooks Online only after they have been used on a posted sales document.
One of the primary reasons for creating a Payment Term is to have a due date (determined by the Due Num field) display on the document header of a posted sales document.
This invoice was posted on 8/19/16 with Net 30 Payment Terms. Therefore, the due date for payment on the invoice is 9/18/16.