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Posted March 06, 2025

Payment Term

A Payment Term defines the schedule and conditions under which a customer is required to pay an invoice. It outlines the timing, amounts, and frequency of payments, providing flexibility to both the customer and the organization managing the payment process.

Common Payment Schedules

Payment Terms can be structured in several ways, including:

- A fixed monthly amount (e.g., $100 on the 15th of every month).
- A percentage-based payment (e.g., 20% of the invoice due on a specified date).
- Payments spaced over time (e.g., every 10 days until the invoice is paid off).
- A combination of percentage and fixed payments.

To create a payment term, follow the steps in Creating Payment Term.