Lists: Terms for payment

Payment terms say when you expect to receive payment from a customer or when your vendors expect payment from you. For example, if you expect payment from a customer within 30 days, and you give a discount of 2% if payment is received in 10 days, the terms are 2% 10 Net 30.

QuickBooks supplies a list of often-used payment terms. Because QuickBooks uses terms for both invoices to your customers and bills from your vendors, you only need to add a particular set of terms once to the list.

You can edit a customer or vendor and select the payment terms for each. Then QuickBooks automatically enters terms for you in invoices and bills.

To set up payment terms:

  1. Choose Lists > Customer & Vendor Profile > Terms.
  2. Add a new term or open an existing term.
  3. On the New or Edit Terms window, enter the details of the payment term.

Payment terms details:

  • Terms. A word or phrase that will help you recognize the term. You'll see this wherever you select payment terms. Example
  • Standard. Select this if you want your customer to pay within a certain number of days. Now enter the details for this type of payment term. Details
  • Date Driven. Customers to pay by a certain date. Details