Under Billing Options:
Firm Settings > Billing & Accounting Options section,
there is a dropdown list for Default Payment Terms. This drop down field provides you with options to change the default terms of payment for all invoices generated.
1%/10 net 30
1%/10 net 30 is a way of providing cash discounts on purchases. It means that if the bill is paid within 10 days, there is a 1% discount. Otherwise, the total amount is due within 30 days. For example, if "$1000 1/10 net 30" is written on a bill, the buyer can take a 1% discount ($1000 x .01 = $10) and make a payment of $990 within 10 days or pay the entire $1000 within 30 days.
2%/10 net 30
This option allows the client to have a 2% discount for payment to a vendor within 10 days, or pay the full amount (net) of their accounts payable in 30 days.
Due On Receipt
Full Payment is due. No discounts applied for early payment.
Net 15, Net 30 and Net 60
The net amount, or the total outstanding balance on the invoice, is expected to be paid in full and received by the seller within 15, 30 or 60 days after the goods are dispatched or service is completed.
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