Payment Terms are used throughout Restaurant365 to specify the Terms in which a payment should be received. There are five Payment Term Pre-sets that exist when the system is created. Apart from those five payment terms, Users will need to create and manage the Payment Terms necessary for their organization.
Create Payment Terms
A User can create a New Payment Term by either navigating the top ribbon or creating a new invoice.
To create a new Payment Term, hover over 'Administration' on the top ribbon and click 'New Payment Term'
When filling in a new Invoice, type in the name of a Payment Term in the 'Payment Terms' selector box (on Customer, AP/AR Invoices etc.), and if the record does not exist, the system will prompt you to create a new Payment Term, as shown in the image above
Payment Term Record
1) Term Type - The terms of the payment. Four options are presented:
- Days Due
- Days Due with Discount
- Specific Day of Month
- Days from End of Month
2) Term Name - The chosen name for the Payment Term
3) Days Due - A numerical value that indicates how many days are left until the payment is due. This field is dependent on the selected Term Type and will update to the following when 'Specific Day of Month' and 'Days from End of Month' are entered, respectively:
- Day of Month - Enter in the day of the month that the payment is due
- Days From End of Month - Enter in the number of days (-/+) that this payment will be due from the end of the month. A positive number will have a due date as those number of days after the end of the calendar month while a negative number will have a due date as those number of days before the end of the calendar month
4) Save - Hovering over the 'Save' tab will drop down a list of saving options for this new Payment Term. Ensure that this Payment Term is saved before the window is closed