Manage Payment Terms

Payment terms can be created and edited at anytime, directly from the from the Payment Terms setting page. 

Create a Payment Term

To create a new Payment Term:

1. From Unleashed's main menu, go to Settings, System and select Payment Terms. 
   
   
2. Provide a unique description for the new term in the *Name field. 
   
   
3. In the *Days field provide a number for how many days will apply when calculating the transaction's payment term date. 
   
   
4. Use the *Type drop down menu to select how the number of days will apply to the payment term from the following options:
   • Days after: Enables you to manually select a number of "Days after" the due date should be set to.
   • Days following the end of month: Enables you to manually select the number of "Days following the end of the month" the due date should be set to.
   • Days of the month following: Enables you to select the number of "Days of the month following" the due date should be set to.
   • End of the month following: Sets the due date to the last day of the following month.
     
     
5. Click Add. 

Once created a Payment Term can be saved as the default in Customer and Supplier records, or applied in a Sales Invoice directly. 

Edit a Payment Term

Payment Terms can be edited at anytime, after they've been created. Any changes made to a Payment Term that's already in use will only apply to new transactions created after the change has been saved. The Delivery Date and Due Date set in Purchase Orders or Sales Invoices created prior to a Payment Term's update will not be affected.

To manage an existing Payment Term:

1. From Unleashed's main menu, go to Settings, System and select Payment Terms. 
   
   
2. Click on the existing Payment Term's row and the Name, Days and Type fields will become available to edit. 
   
   
3. Make the appropriate changes and click away from the term's row to save the update. 

Obsolete or delete a Payment Term

If a Payment Term's no longer required it can either be obsoleted or deleted.

To obsolete a Payment Term, provided it is not currently in use on an open transaction or saved against a Customer or Supplier record: 

1. From Unleashed's main menu, go to Settings, System and select Payment Terms. 
   
   
2. Tick the checkbox in the Obsolete column, for the appropriate Payment Term. 

To delete a Payment Term, provided it's not been used in a completed transaction:

1. From Unleashed's main menu, go to Settings, System and select Payment Terms. 
   
   
2. Click the bin icon in Delete column, for the appropriate Payment Term. 

NOTE: If the Payment Term's been used in a completed transaction it cannot be deleted and there will be no bin icon available in the Delete column.

Use Payment Terms

Save a Payment Term as a default to Supplier and Customer records to automatically calculate the Delivery Date and Due Dates for their Purchase Orders and Sales Invoices. 

Payment Terms for Customers and Sales Invoices

To save a Payment Term to a Customer:

1. Open the Customer record and go to their Details tab. 
   
   
2. Use the Payment Terms dropdown menu to select one Payment Term. 
   
   
3. Click Save in the top right corner of the Customer record. 

From then on, when a new Sales Order is created for the Customer it's Sales Invoice will by default calculate the Due Date based on it's Invoice Date and the Customer's Payment Term. Whilst the Sales Invoice is in a Parked status you can change the Payment Term that's currently applied to the open Sales Invoice, using the Payment Terms dropdown in the Invoice's page, and the Due Date will update accordingly. Similarly, if it's Invoice Date is edited the Due Date will automatically re-calculate to align with the Invoice's Payment Term, but the Due Date field cannot be directly edited. 

Payment Terms for Suppliers and Purchase Orders

To save a Payment Term to a Supplier:

1. Open the Supplier record and go to their Details tab. 
   
   
2. Use the Payment Terms Description dropdown menu to select one Payment Term. 
   
   
3. Click Save in the top right corner of the Supplier record. 

From then on, when a new Purchase Order is created for the Supplier it's Delivery Date will be automatically calculated using the Purchase's Order Date and Payment Term. Whilst the Purchase Order's in an open status if the Order Date is edited it's Delivery Date will automatically re-calculate to align with the Supplier's Payment Term. You can also manually change the Purchase Order's Delivery Date when necessary.