Payment Terms

Payment Terms are the conditions, generally the timeframe, under which an invoice is expected to be paid by the purchaser of the goods and/or services. Common terms are: Upon Receipt, Net 30 days and Net 45 days. Any number of payment terms may be created per your company's policies. Generally these terms are specified in contracts or master agreements between the provider and the customer.

To create Payment terms:

1. Go to Administration > Application Settings > Invoices > Payment terms.

2. Select New Payment terms from the Create Button.

3. Enter the Payment terms name. There is a standard aging report OpenAir provides. In order for the aging function to work properly, the payment terms must be input in the form of “Net#”.

4. Type any Notes, if desired.

5. If this payment term is the standard used for your company, select the Default payment terms check box. You may also specify the payment terms on an individual customer basis.

6. Click Save.

After you have created payment terms, you can select them on the Customers form. Go to Customers and select a customer. Click the Billing information link. Select the Payment terms from the drop-down list. The payment terms for a customer override the default set in the payment terms form. See Customer Billing Information.