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. This article will review how to add, edit, and enable payment terms.

Adding a Payment Term

1. In the  Main Menu, go to  System Settings and select Payment Terms.
2. Click the  Add New Payment Term icon in the bottom 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: By default, 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. Reach out to Support or Training for instructions on how to adjust the grace period's base date.
   • 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.
   • Deposit 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 OK.

Editing a Payment Term

1. In the  Main Menu, go to  System Settings and select 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: By default, 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. Reach out to Support or Training for instructions on how to adjust the grace period's base date.
   • 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.
   • Deposit 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 OK.

Enabling a Payment Term for an Element

1. In the  Main Menu, go to the  Projects menu, and choose Element Definitions.
2. Double-click the element that you want to enable the payment term on.
3. Click the Accounting Options tab.
4. Select the checkboxes for the payment terms in the Accepted Payment Terms options.
   • Changes will automatically be saved.

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 tab.
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 Default Terms tab.
3. Choose an option from the Payment Terms dropdown menu.

Deleting a Payment Term

1. In the  Main Menu, go to  System Settings and select Payment Terms.
2. Select the check-box for the payment term(s) that you want to delete.
3. Click the  Delete icon in the bottom menu.