Using Terms of Payment
After you have created a term record, you can select that term on invoices and customer records to set payment terms. When you select a term on a customer's record, that term defaults on bills to the customer. You can also set terms on each invoice individually.
If you always require the same payment terms for a customer, you can set the default terms on the customer record. Then, when you select the customer on an invoice, their terms automatically appear.
To set default terms on an existing customer record:
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Go to Lists > Relationships > Customers.
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Click Edit next to the customer's name.
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On the customer record, click the Financial subtab.
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Under Account Information, in the Terms field, select the term you want to default for this customer.
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Click Save.
Now, the term you chose defaults on the customer's invoices. After you have set default terms for a customer, you can still change the terms on any individual invoice.
To set payment terms on an invoice:
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Go to Customers > Sales > Create Invoices.
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On the Invoice in the Customer field, choose the customer you are billing and fill in the appropriate information.
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Click the Billing subtab.
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Under Billing Information, in the Terms field, choose the terms of payment for this invoice.
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Click Save.
Now, the terms of payment for this invoice are set according to the term you defined.