Payments Terms are used to predefine payment term options for suppliers and customers.

Setting these up initially will allow you to quickly select the specific terms for each transaction.
 

 To set up Payment Terms:

1. Click Setup >> Codes >> Payment Terms.
2. Enter a Code, Description and Number of Days >> click Update.
   • Code: One to three digits that identify a code within the program. (Example: CHK)
   • Description: A description of the payment terms. (Example: Check)
   • Number of Days: Number of days allowed for the customer to pay after the invoice was closed.