Payment Terms are found under Settings/Accounting/Payment Terms, or Accounting/Settings/Payment Terms depending on your permissions, and allow you to define what terms can be applied to customer accounts.
Adding Payment Terms
1. Enter a name that will help you quickly identify this Payment Term.
Example: Cash customer, payment upon completion, following 20th, or net 7, 15, 30, 45, 60, 90.
2. Enter a number in Net Due and select an option from the Balance Due In/On the dropdown menu.
3. Enter the Early Payment Credit Rules if you want to offer credit to your customers for paying their invoices early.
Note: These credits will be applied automatically once the early payment terms have been met and are booked as negative entries in the early payment credit income account.
4. If a large order is placed, you may want to require a down payment. Under Down Payment Rules, you can decide what amount would require a down payment and what percentages should be required.
5. Click Save when you're finished. 