Payment Terms

• Overview
• Adding a Payment Term
• Editing a Payment Term
• Enabling a Payment Term for an Element
• Setting a Payment Term on an Element
• Setting a Default Payment Term for a Contact
• Deleting a Payment Term

Overview

Payment terms can be set up in your Flex system and applied to financial elements so your clients know the terms of payment for a job. When you set up a payment term in Flex, you can also assign a grace period, a due date period, and default deposit percentage to the payment term.

Adding a Payment Term

1. On the System Settings menu, click Payment Terms.
2. Click New Payment Term in the Workbench Menu.
3. Enter the new payment term information.
   • Name: The name of the payment term. For example: Net 10, or 50% Deposit, etc.
   • Grace Period: The period of time after the end date of the job that the client has before payment is due. If the "Due Date" field is enabled on your Quote element, it will automatically be populated with a date based on the grace period entered here when you use the payment term on the job.
   • Deposit Percentage: The deposit percentage required for a job. If the "Deposit Percentage" field is enabled on your Quote element, it will automatically be populated with the percentage entered here when you use the payment term on the job.
   • Due Date Period: The due date (in days) for the deposit. The number entered here will calculate that many days backward from the start date of the job. If the "Deposit Due Date" field is enabled on your Quote element, it will automatically be populated with a date based on the due date period entered here when you use the payment term on the job.
4. Click CREATE.

Once a payment term has been created, it needs to be enabled for any element on which you want to use it. See the Enabling a Payment Term for an Element section for more information.

Editing a Payment Term

1. On the System Settings menu, click Payment Terms.
2. Double-click the payment term that you want to edit.
3. Edit the payment term information.
   • Name: The name of the payment term. For example: Net 10, or 50% Deposit, etc.
   • Grace Period: The period of time after the end date of the job that the client has before payment is due. If the "Due Date" field is enabled on your Quote element, it will automatically be populated with a date based on the grace period entered here when you use the payment term on the job.
   • Deposit Percentage: The deposit percentage required for a job. If the "Deposit Percentage" field is enabled on your Quote element, it will automatically be populated with the percentage entered here when you use the payment term on the job.
   • Due Date Period: The due date (in days) for the deposit. The number entered here will calculate that many days backward from the start date of the job. If the "Deposit Due Date" field is enabled on your Quote element, it will automatically be populated with a date based on the due date period entered here when you use the payment term on the job.
4. Click UPDATE.

Enabling a Payment Term for an Element

1. On the Projects menu, click Project Elements.
2. Double-click the element for which you want to enable a payment term (Quote, Invoice, etc.)
3. Click the Accounting Options tab.
4. In the Accepted Terms section, check the box next to any payment term you want to be enabled for that element.
5. Click UPDATE.

Setting a Payment Term on an Element

1. Open the element (Quote, Invoice, etc.) for which you want to set a payment term.
2. Click in the Terms box in the element header. 
3. Select the payment term that you want to use.

Setting a Default Payment Term for a Contact

1. Open the contact for which you want to set a default payment term.
2. Click the Terms / Skills tab.
3. In the Trading Terms section, choose an option from the Standard Terms dropdown menu.

Deleting a Payment Term

1. On the System Settings menu, click Payment Terms.
2. Double-click the payment term that you want to delete.
3. Click Delete Payment Term in the Workbench Menu.