As an organisation, you carry out various monetary transactions regularly with multiple parties in sales and purchase cycles. In any transaction, it is important that payments are made on time and according to the terms set. A ‘Payment Term’ helps to set a schedule according to which payments will be made.

ERPNext allows you to save your business’s ‘Payment Terms’ and include them in all the sales or purchase documents that might need them like Sales Invoices, Purchase Invoices, Quotations and more. ‘Payment Terms’ define a specific payment slab. For example, 50% advance and the rest post delivery of the goods.

ERPNext also lets you build a ‘Payment Terms Template’ by clubbing various payment terms so you can effortlessly use them in transactions to set a convenient payment schedule.