Setup Payment Terms

eGrow Connect allows you to create a list of payment terms that you can assign to customers as a default or vendors if utilizing the Purchasing add-on. Payment terms can also be applied to individual sales or purchase orders.

1. Navigate to System Setup > Sales > Payment Terms.
2. New Payment Terms can be added using the Add link at the top of the list and filling out the fields.
   • Aging Type: Choose from Standard (anchored by a number of days from date posted), FixedDate (anchored by a specific calendar date) or DateDriven (anchored by a numeric day of the month)
   • Term: The name label that will appear in drop down menus throughout the system
   • Description: A descriptive label of the payment term
   • Balance Due (Days/Date/Day of Month):
     • Standard: Number of days after ship date which full balance is due
     • FixedDate: Specific calendar date which full balance is due
     • DateDriven: Numeric day of the following month after ship date which full balance is due
   • APR %: Percentage value of late payment penalty if paid after Balance Due date
   • Discount %: Percentage value of discount received if paid early on or before the Discount Due date
   • Discount Due (Days/Date/Day of Month):
     • Standard: Number of days after ship date which will qualify for discount
     • FixedDate: Specific calendar date which will qualify for discount
     • DateDriven: Numeric day of the following month after ship date which will qualify for discount
3. In the right pane a list of existing payment terms options will appear that you can adjust by clicking into the cell you wish to change and pressing Enter after to commit.
4. To remove a Payment Term, click to highlight it and then click on Delete above the list to remove it. Note that removal is not possible if any Customers or Sales Orders have it assigned.
5. You may change the Priority value to establish the sort order ascending smallest to largest of options in drop down menus throughout the system.