Creating Credit Terms

When credit terms are enabled as explained in Enabling Credit Terms, you can create credit terms via a related list on an account or company record. Contact your administrator if these related lists are not available.

To enter credit terms on an account or company:

  1. Open the account or company record for editing.
  2. From the Account Credit Terms or Company Credit Terms related list, click New.
  3. Enter a name for the credit terms record.
  4. Enter the following details for up to four credit terms:
    • Description. If you do not supply a description it defaults to the record name.
    • Base date. This is the rule that determines the date on which terms will be calculated.
    • Days offset. This is the number of days relative to the base date, when payment is due.
    • Discount. The percentage discount to be deducted if payment is made within these terms. Discount fields are only available if Accounting has been updated to use the Foundations credit terms.
  5. Click Save.

The table below shows examples of how Base Date and Days Offset are used to calculate due dates.

Base Date

Days Offset

 Document Date Calculated Due Date Description

Invoice Date

14 September 20, 2019 October 4, 2019 Due date is 14 days after document date.

Start of Next Month

5

 September 20, 2019 October 6, 2019 Due date is 5 days from the start of the calendar month following the document date.
End of Next Month -5 September 20, 2019 October 26, 2019 Due date is 5 days before the end of the calendar month following the document date.
Warning:

Permission to edit credit terms ought to be restricted to a small number of users because changes to them can impact your org's billing process. Once edited, the revised terms will be applied when creating new billing documents and when editing the Document Date of existing "Draft" billing documents. If you edit credit terms during the life of a contract, the billing documents generated for that contract will not all use the same terms.