Payment Terms

Welcome to Invent ERP – Your Growth Keystone

In today’s lesson, we will guide you through managing and creating payment terms in Invent ERP.

With this essential feature, you can:
✔️ Standardize your payment conditions
✔️ Save time by automating payment expectations
✔️ Ensure consistency across all your financial documents

Let’s get started!

 Payment Terms

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What Are Payment Terms?

You may have noticed the Payment Terms field in various documents, including:
📌 Quotations
📌 Sales Orders
📌 Purchase Orders
📌 Invoices

But what exactly are payment terms?

Payment terms define the conditions under which a customer or supplier is expected to make a payment. These terms help maintain clear expectations, improve cash flow management, and reduce payment delays.

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Adding or Editing Payment Terms

There are two ways to quickly add or modify payment terms:

1️⃣ Quick Edit:

• Use the Quick Add/Edit button that appears in most payment term fields.

• Click the field to open a drop-down list of available terms.

• Select an existing term or create a new one directly.

2️⃣ Managing Payment Terms in the Accounting Module
For more advanced management, follow these steps:

🔹 Go to the Main Menu
🔹 Navigate to the Accounting Module
🔹 Select Configuration
🔹 Click on Invoicing
🔹 Choose Payment Terms

Here, you will find a comprehensive list of all payment terms in your system.

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Creating a New Payment Term

To define a new payment term:

✔️ Click "Add" to create a new entry.
✔️ Enter a Title – This name will be used across the system.
✔️ Provide a Description – This text will appear on invoices and documents.
✔️ Define the Payment Rules – Set specific conditions for payment due dates and adjustments.

Once saved, your new payment terms will be available in quotations, invoices, and other relevant documents.

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Conclusion

By effectively managing your payment terms, you can:
✅ Enhance financial clarity
✅ Streamline transactions
✅ Ensure timely payments

We hope this tutorial has provided valuable insights into optimizing payment terms in Invent ERP.

Thank you for watching! 🚀