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 |
