Difference between revisions of "Payment Terms"

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== Invoicing and payment terms ==
 
== Invoicing and payment terms ==
 
Terms usually refer to the time frame the invoice is to be paid.  In the GnuCash application the Terms window can be found by following the file menu, ''Business | Billing Terms Editor''.  From there you can add/edit/delete terms.  By default there are no terms setup for you.
 
Terms usually refer to the time frame the invoice is to be paid.  In the GnuCash application the Terms window can be found by following the file menu, ''Business | Billing Terms Editor''.  From there you can add/edit/delete terms.  By default there are no terms setup for you.

Latest revision as of 08:26, 2 June 2021

Languages English עִברִית

Invoicing and payment terms

Terms usually refer to the time frame the invoice is to be paid. In the GnuCash application the Terms window can be found by following the file menu, Business | Billing Terms Editor. From there you can add/edit/delete terms. By default there are no terms setup for you.

This list displays the commonly used terms on invoices:

Term Definition
Net monthly account Payment due on last day of the month following the one in which the invoice is dated
Net 7 Payment seven days after invoice
Net 10 Payment ten days after invoice
Net 30 Payment 30 days after invoice
Net 60 Payment 60 days after invoice
Net 90 Payment 90 days after invoice
EOM End of month
21 MFI 21st of the month following invoice
1 per cent 10 Net 30 1 per cent discount if payment received within ten days otherwise payment 30 days after invoice
Due on receipt Payment is due upon receipt of the invoice
COD Cash on delivery
Cash account Account conducted on a cash basis, no credit
Letter of credit A documentary credit confirmed by a bank, often used for export
Bill of exchange A promise to pay at a later date, usually supported by a bank
CND Cash next delivery
CBS Cash before shipment
CIA Cash in advance
CWO Cash with order
1MD Monthly credit payment of a full month's supply
2MD As above plus an extra calendar month
Contra Payment from the customer offset against the value of supplies purchased from the customer
Stage payment Payment of agreed amounts at stages

References

  1. Business Link