Overview
An important aspect of invoicing, creating and assigning invoicing terms in Rapid ERP is set at the customer level, with the ability to use different terms based on either the date of the invoice or the day of the month.
Benefits
While Rapid ERP ships with a number of predefined and widely used invoicing terms, such as Net 30, Net 60, Net 90, C.O.D and Due on Receipt, users with the correct permissions can create custom invoicing terms or modify the existing ones to their requirements.
Specifics
The easiest way to view all available invoicing terms is to go to Company>My Company>Advanced Defaults and look at the Invoicing Term dropdown. This is the location where the default invoicing term is being set (i.e. this is the term that newly created customers will be assigned by default).
Hit the Drill icon to see a list of all defined invoicing terms. To create a new one, use the green + button
, to edit an already defined one, use the Pencil icon
, and to delete an invoicing term, it is the red cross
.
Add/Edit Invoicing Term Options
When creating or editing an Invoice Term, it can be set in one of 3 possible ways:
- Standard: Due in Days will set the term to the specified number of days from the date of the invoice
- Proximo: Specific Date will set the due date to a specified day of the month. If this option is used, Minimum Days field becomes important as it can define a minimum period in days between the Invoice date and the Due Date.
Example: Invoice Term set to Proximo: Specific Date: 15 sets all invoices to be due on the next 15th day of the month. Minimum Days set to 0.
An invoice issued on January 14 will become due on January 15.
Same scenario for Proximo: Specific Date: 15 but Minimum Days set to 2.
An invoice issued on January 14 will become due on February 15. - End of Month: Due in Days will set the invoice term to the specified number of days counted from the first day of the month following the date of the invoice.
Example: Term set to End of Month: Due in Days: 10.
Invoice issued on January 1 will become due on February 10.
Set Default Term for Newly Added Customers
The default Invoicing Term is set from Company > My Company > Advanced Defaults > Invoicing Term.
Set Terms for Existing Customers
Go to Customer>Sales, select the customer and double-click on it to open the Add/Edit Customer Screen. On the right-hand side column, second from top is the Default Term selection box. Pick the relevant term, or if it is not available and a new term is needed, hit the drill icon, then the plus button and create a term as required.
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