Payment Terms in 10X ERP

Managing Payment Terms in 10X ERP

Payment Terms in 10X ERP define the conditions under which payments are due, ensuring consistency in customer and vendor transactions. Proper configuration helps maintain accurate cash flow and financial planning.

Steps to Manage Payment Terms:

• Navigate to Payment Terms: Go to Admin > Accounting > Payment Terms.
• Add a New Payment Term: Click the "+" sign to create a new term.
• Define Term Details:
  • Enter a Name and Description.
  • Set the Net Due Days (e.g., Net 30, Net 60).
  • Define Discount Terms, if applicable (e.g., 2% discount if paid within 10 days).
• Assign to Customers or Vendors:
  • Go to Customers > Edit Customer > Payment Terms to set default terms.
  • Go to Vendors > Edit Vendor > Payment Terms to define vendor-specific terms.
• Save and Apply: Click Save, and verify that the payment terms appear correctly in transactions like invoices and purchase orders.