Payment terms are simply terms and conditions, usually an amount of time, upon which you and/or a Customer agree to make a payment for goods or services. These Payment Terms are used on Commitments (such as purchase orders, subcontracts, etc.) as well as Invoices (both to customers and from vendors).
Payment terms can be used to set a default due date for your invoices. They can be set for a number of days after your invoice date or set to a specific monthly calendar date. For example: a common term of NET 30 could be set to automatically create a due date 30 days after the invoice date, then any commitments or contracts using that term will have their invoices use those default due dates.
1. Add Payment Terms
Payment Terms are simply terms and conditions, usually an amount of time, upon which you and/or a Customer agree to make a payment for goods or services. Common payment terms include NET 30: payment is expected within 30 days of invoicing, NET 15: payment is expected within 15 days of invoicing, and Upon Receipt: payment is expected upon delivery of the invoice.
If you utilize the "Terms Due" configuration of the Payment Term, any commitments or invoices using the term will have its invoice due dates set to those dates by default. If necessary, the dates can be manually changed in the invoice.
You can manage your list of payment terms that you want to appear in RedTeam from the Configuration section. If you are unable to make these changes, contact your system administrator.
Steps:
From the Configuration menu, select "Payment Terms" (under the heading: Accounting).
Click the New (+) icon
Enter a Name for the Payment Term (this is how it will be displayed when you are selecting from a dropdown)
Enter a Description for the Term (this is how it will be displayed on documents)
Enter the Terms Due (number of days until, or calendar day when, the payment is due)
Click "Save"
2. Edit or Delete Payment Terms
Once Payment Terms have been created, you can modify or remove them in the Configuration menu.
To modify the Description or default terms due date of the Payment Term, you can click Edit from the tools icon and make the changes.
To remove a Payment Term that has not been associated with a record or document in RedTeam Flex, you can click Delete from the tools icon and it will be removed permanently.
To remove an Payment Term that has been associated with a record or document in RedTeam Flex, you can click Edit from the tools icon and make it Inactive. It will no longer be available to be used when creating new records or documents in RedTeam, such as Buyout Commitments, Customer Proposals, Customer Billing, and Vendor Invoices.
Steps:
From the Configuration menu, select "Payment Terms" (under the heading: Accounting)
Locate the Payment Term in the list
Click the tools icon
Click "Edit" to modify the Description or Terms of the Payment Term, or to make it Inactive
Click "Delete" to remove the Payment Term permanently (option grayed out if in use, inactivate instead)