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            Payment Term

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            Payment Term

            A Payment Term defines the period of time a customer has to pay an invoice. It determines the invoice due date and is calculated based on the configuration of the Payment Term and its related Payment Term Items. Payment Terms help standardize how due dates are calculated across invoices and billing scenarios.

            Required Editions

            Available in: Lightning Experience
            Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled

            A Payment Term becomes effective only after at least one related Payment Term Item is created, as the Payment Term Item contains the logic used to calculate the due date.

            Payment Term Items control how the invoice due date is derived. When calculating the due date by adding a duration directly to the invoice date, select Period-Based as the Payment Timeframe. When calculating the due date by first deriving the last day of the month in which the invoice date falls and then adding a duration, select Derive End of Month and Add Period as the Payment Timeframe. This option is useful for scenarios where invoice due dates must align with month-end.

            You can also define a default Payment Term for the organization. When a default Payment Term is set, it’s automatically used to calculate invoice due dates even if a Payment Term isn’t explicitly specified while configuring billing information for a policy.

            Example
            Example :

            To configure a payment term where invoices are due 30 days after the invoice date, create a Payment Term (for example, Net 30) and add a related Payment Term Item with Period-Based as the payment timeframe, period set to 30, and period unit set to Days. Alternatively, if you want invoice due dates to always fall on the last day of the month, select Derive End of Month and Add Period as the payment timeframe and set the period to 0.

             
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