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Payment Terms Management

iX ERP allows setting up of unlimited Payment Terms with several methods for customers and suppliers to use while creating invoices.

You can find Payment Terms Setup under:- iX ERP Settings -> Miscellaneous -> Payment Terms

  • Start creating a new Payment Term by typing its description for the terms you wish to place for your customers or have been set by your suppliers.
  • From the list below the description choose the Payment Type
    • Prepayment: This will be used in the case of invoice or order advance payment.
    • Cash: This will be used in the case of cash invoices only and will automatically collect the invoice amount in the default cash bank account.
    • After No. of Days: This will tell iX ERP that this invoice will due in a specific number of days, based on the number of days written in the Payment Term.
    • Days in the following Month: This will define the number of days from the beginning of the following month and calculate the due date of the invoice.

Note: the Payment Terms will affect the aging report for customers and suppliers.