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

To Create a new Payment Term, hover over Administration on the top ribbon, and click New Payment Term.  Additionally you can type in the name of a Payment Term in any Payment Terms selector boxes (on Customer, AP/AR Invoices etc.) and if the record does not exist, the system will prompt you to create a new Payment Term (shown below)


Payment Term Record


Payment terms are very basic only containing four fields.  Each Payment Term must have a Term Name and Days Due.  Term Name is an open text field and will be displayed as typed.  Days Due must be a numerical value.  Some Payment Terms grant the payee a discount if paying within a certain window (2 10 Net 30).  If a discount is applicable for the Payment Term, enter in the Discount Percent as a whole number (2% = 2).  Additionally, you must specify the number of days in which the discount is available.  Enter a whole number in Discount Days representing the number of days in which the Discount Percent is available.  Upon completion, Save & Close the record.