With payment terms, you will be able to control invoice payment due dates and Customer Aging by applying Payment Terms to Fleet orders.
For example, if you have a fleet on Net 30 terms, an invoice for that fleet will not appear as due until 30 days after the invoice date. The Customer Aging report will list this invoice only after the 30 days have transpired.
Setting up Payment Terms
To set up payment terms, go to your Settings > Payment Terms and click on + New Term:
From here, name the term and add in the number of days payment will be due. You also have the option of adding in any notes relevant to the term and click Save.
You can build as many different terms as you need. To edit or delete a term, click on the ellipses next to the term:
You can choose a default payment term or it will default to Upon Receipt.
Setting Terms for Fleets
To set a fleet to always default orders to a specific payment term, go to Lists > Fleets and click on the ellipses next to the fleet and Edit:
From the fleet profile, you can select the option you would like as the future default term for orders associated with this fleet:
Creating an Order with Payment Terms
Now that the fleet is set with a default net payment, you are ready to create an order. When you create a new estimate and set the fleet as the customer, the payment term will show automatically in the right panel once the estimate is turned into an invoice:
You can make changes to the payment terms directly in the order by clicking on the name of the terms. Please note that the start of the payment terms will be the Invoiced Date:
When printing the invoice, the customer will see this:
To check a fleet's account and the status of payments, go to Lists > Fleets > click on the fleet. On the fleet profile page, you will see the Total Spent, Payment Terms, and be able to Print the Remaining Balance, along with all the orders and their statuses.
The status on each order will show Unpaid (if it is within the payment terms date), Overdue (if it is past the payment terms date), or Paid.
The main report that payment terms will affect is the Customer Aging Report. Once the payment term date has passed, it will appear on your Customer Aging Report. For example, if you invoiced an order and the payment term is 30 days, after 30 days, this invoice will show in your aging report:
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