Last Updated: January 11 2024
How to Set Payment terms
Overview
In Simpro Premium you have the flexibility to set specific payment terms for each of your customers.
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In order to view content or perform actions referred to in this article you need to have the appropriate permissions enabled in your security group. Go to System > Setup > Security Groups and access your security group to update your permissions. The relevant security group tab and specific permissions for this article can be found here:
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Go to System > Setup > Accounts > Payment Terms to view a list of all the existing payment terms created in Simpro Premium.
You can create new payment terms based on specific requirements for each customer. This allows you to access a wider selection of more specific payment terms tailored for your different business needs.
To create a payment term:
- Click Create Payment Term.
- Under Term type, select one of the following options:
- Select and enter the Days from invoice date or Days after EOM
- Select COD
- Select Last day of month
- Select whether to set the payment term as the Default option.
- Terms selected as default display a green tick in the Default column in the Payment Terms list.
- Select whether to Update all customers.
- Click Create.
Payment terms that are assigned or being used by a customer / supplier / contractor / invoice cannot be edited or archived.
Setting a payment term as the default for customers and updating customers with payment terms does not change the terms currently applied to existing invoices.
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In the Payment Terms list, click the delete icon besides the required Payment Term Name to archive the corresponding payment term.
If a payment term is assigned or being used, option to re-assign the payment term is displayed.
Select the required payment term from the drop-down list to re-assign and click OK.
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To apply a payment term to an individual customer:
- Hover over People
> Customers.
- Search for and click the required customer.
- Go to the Settings tab and under Payment Terms select the relevant option.
- Set the relevant late payment fee, as required.
- Click Save and Finish.
Learn more in How to Create Customers.