How to create payment terms

Table of Contents

Hover over your company name in the top right corner and select “Company Settings”.
Click “Payment Terms” in the menu on the left.
Click “Create New” in the top right corner.
Enter the name, type, and number of days for the given payment term.
Click “Create new payment term” to finish, or “Create and new” to create another one.

Click the term’s number or “Edit” to open the payment term.
Go to the “Language” tab to access translations.
Enter the name and description in the chosen language, and click “Save” afterwards.

End of Month: Payment is due at the end of the month in which the order date falls, plus the number of days specified.
Net: Due date is calculated from the order date + the specified number of days.
Cash Payment: Payment is made at the time of purchase. Recommended for in-store and webshop sales.

Remember to select an offset account on the Cash Payment term if you are using e-conomic.
Prepayment: The amount is paid in advance, no due date.
Due Date: When this term is added to an invoice, you must manually specify a due date in a new field.
Factoring (requires e-conomic integration): When another party handles the collection of the amount, you can split the sale into two portions.
- Fill in the top field “% Distribution” with the percentage that the account specified in “Offset Account 1” should receive.
- Fill in the bottom field “% Distribution” with the percentage that the account specified in “Offset Account 2” should receive.
Weekly with Monday Start: Due date is calculated as the number of days from the next Monday.
Weekly with Sunday Start: Due date is calculated as the number of days from the next Sunday.

In this guide you will learn how to create payment terms in your Rackbeat agreement.