Payment Terms refer to the number of days in which a payment is due. For instance, Net 30 days (or “N/30″), means that a buyer must settle his or her account within 30 days of the date listed on the invoice. For example, If you date your invoice March 9, clients are responsible for submitting payment on or before the 8th of April. Choosing “Net” payment terms could be inconvenient for you as a business owner, as you’ll have expensed the entire project without yet receiving income. However, these terms are often quite useful for the customer. Try to find a period that works for both the buyer and the seller.
To assign payment terms to an account, open the account and go to the “Details” tag.
On this page, you can select the Payment Terms using the “Terms” drop-down menu.
The options are: Due upon receipt, Net 15 (15 days out), Net 30 (30 Days), Net 60 (60 Days). Select the option you want, and then click “Save”.