Overview
The Payment Terms screen allows you to set and customize payment terms for your invoices. Payment terms indicate when you expect to receive payment on an invoice from a client. It is used to display a message on the invoices regarding the date when the invoices are due. In case of tardy clients or late payments, the specified interest or late fee can be charged. These terms determine the accounts receivable and aging for the invoices.
You can create a list of often-used payment terms in the Payment Terms screen. For example, if you expect payment from a client within 30 days and you charge an interest rate of 5% on late payments, use the Net 30 term having 30 grace days. You can specify the payment terms at the global, client or project level. Click to watch this video on setting up payment terms in BQE CORE.
How To
Field Descriptions
| Field Name | Field Description |
| Payment Terms > | |
| Days |
The number of days after the invoice date by which the client must pay the invoice. CORE adds these days to the invoice date to calculate the due date. When Calculation Basis under Settings > Billing & Invoices > Accounts Receivable is set to Due Date (Invoice Date + Net Terms), CORE charges interest on unpaid invoices after the due date and the additional period specified in Charge Interest After (Days). You can also set the payment term to Due Upon Receipt, including for late fee invoices. In this case, the number of days is 0, and the invoice is due on the invoice date. |
Add Payment Terms
To create a new payment term , watch this video or follow these steps:
- Open the Payment Terms screen from the side menu > Settings > Billing & Invoices.
-
Enter the required information in the top row of the grid. Check Field Descriptions above for details.
- Name
Days: Number of days after which interest or late fee is charged on late payments.
- Click Save.
Mark Screen as Favorite
You can mark or flag the most-often used and important screens in BQE CORE as your favorites up to a maximum of ten. These favorite screens then display separately on the side menu under the Favorites list. You can manage all your favorite screens in CORE from User Settings.
To mark this screen as your favorite, watch this video or follow these steps:
- Open the Payment Terms screen from the side menu > Settings > Billing & Invoices.
- Click
on the top-right.
- You can access this screen from the side menu under Favorites.