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Payment Terms help you manage cash flow and set clear expectations for when payments are due.
A Payment Term is an agreement between a buyer and a seller that defines how and when payment should be made for goods or services. This includes the due date, how it’s calculated, and any specific conditions that apply.
In Service Geeni, Payment Terms can be set up centrally and then applied automatically to customers, invoices, and contracts.
Getting There
To manage Payment Terms:
Go to System Settings using the settings cog.
Click System Defaults.
In the Customer Details section, select Payment Terms.
This opens the Payment Terms maintenance screen, where you can create new terms or edit existing ones.
Click the ellipsis (…) to open the list.
Creating or Editing a Payment Term
You can either create a new Payment Term or update an existing one. The steps are the same for both.
Use + Add to create a new term, or click Edit via the Action Tray to update an existing one.
When the editor opens:
Enter a Name for the Payment Term.
Set the number of days, which determines when payment is due.
Choose a Term Type to define how those days are calculated.
The available Term Types are:
Of the following month
Day(s) after the bill date
Day(s) after the end of the bill month
Of the current month
When ready, click Save.
Setting a Default Payment Term
You can mark one Payment Term as the system default.
Tick the Default Payment Term checkbox to set it as the default.
Only one Payment Term can be marked as default at any time.
If you select a new default, the existing default will be automatically removed.
The default Payment Term is applied to all new Customer records unless overridden.
You can identify the default term in the list by the Default Payment Term = Yes column.
How Payment Terms Are Used
Payment Terms are applied automatically, unless specified otherwise.
As mentioned, the default Payment Term is applied to new customers; this can be overridden at the customer level.
To assign or change a Payment Term for a customer:
Open the Customer Record.
Go to the Financial Details section.
Select the required Payment Term from the list.
This Payment Term will then be used when invoicing that customer.
Common Payment Terms:
Some commonly used Payment Terms include:
Net 30 / Net 60 / Net 90: Payment is due 30, 60, or 90 days after the invoice date.
Due on Receipt: Payment is required immediately when the invoice is received.
COD (Cash on Delivery): Payment is taken at the point of delivery.
EOM (End of Month): Payment is due at the end of the month in which the invoice was issued.