Payment Terms

Learn how to create custom payment terms for your clients and suppliers.

On this page

Creating payment terms

Editing payment terms

Assigning payment terms to clients

Assigning payment terms to suppliers

Creating payment terms

To create a payment term:

1. Click your Profile icon (top right corner of commonsku) > Settings > Company Settings
2. Click the Setup section
3. Click the Payment Terms
4. Click + Add New
5. Type the term in the "Term Name" field
6. Click Add

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Editing payment terms

Payment terms are live; changing a payment term will automatically update the client and supplier pages with that term. For example, if you change "Net 30" to "Net 30 Days" all client/supplier pages with that term will update to "Net 30 Days."

To edit a payment term:

1. Click into the "Terms Name" field and make changes as needed

To remove a payment term:

1. Click the icon beside the payment term you'd like to remove
2. In the pop-up window, select Delete

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Assigning default payment terms to clients

To set a client's default payment term through the client's page:

1. On the client page > client details, click to Edit the client's details
2. Select a payment term from the "Default Terms" drop-down menu 
3. Click Save

To set a client's default payment term through the Clients tab:

1. In the Sales > Clients tab, search for and select the client you'd like to assign a term to
2. In the slide-out menu, click Actions > Edit Details
3. Select a payment term from the "Default Terms" drop-down menu
4. Click Save

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Assigning default payment terms to suppliers

To set a supplier's default payment term:

1. On the supplier's page > supplier details, click to Edit the supplier's details
2. Select a payment term from the "Default Terms" drop-down menu 
3. Click Save

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