Last updated 01/02/2021
Payment terms serve two purposes in Cin7. First, they allow you to note when payment is due for a bill or invoice. Second, they pass to your Accounting Software the due dates for bills or payments due, allowing the necessary credit control procedures to take place in that software.
To apply a Payment Term to an order:
The payment term name will appear on printed Purchase Orders and Invoices.
You can also apply payment terms to contacts. This means that when the contact is loaded into a Purchase or Sale, the payment terms will populate automatically.
Cin7 has a number of default Payment Terms, but you can add your own payment terms too.
To set up a Payment Term:
The meanings of each field in the settings page are explained below.
|Active||Controls which payment terms are available in the list.|
|Sort||This is the order that the payment term appears in the list. The lower the number the higher it appears on the list.|
|Payment Term Name||This is both the name of the term and what appears on the customer's invoice, so be careful to name this clearly.|
|Transaction Type||Decide if this payment term should apply to purchases, sales or both.|
|No. Months ahead of Invoice date||If set to 1 the invoice date will be moved to the first of the next month.
For example if the invoice date is 5th Jan, the due date will be 1st Feb.
If set to 2 it will be 2 months after etc.
|No. Days ahead of invoice date||If the above field is 0, then the number of days after the invoice date.
If the above field is 1 or more, then it will be the number of days from the first of the month.
|Deposit % Required||The amount required as a deposit. The deposit amount only appears on an invoice after emailing a confirmation.|
With the above fields any payment term can be created. Here are some examples:
|Payment Term||No. Months ahead of Invoice date||No. Days ahead of invoice date|
|30 days from invoice||0||30|
|20th of the following month||1||20|
|30 days from end of month||1||30|
|End of the month||1||-1|
We really appreciate your feedback.