Payment Terms Management

iXERP allows to setup of unlimited Payment Terms with several methods for customers and suppliers to use while creating invoices.

You can find Payment Terms Setup under:- iXERP 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 iXERP 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.