Payment terms
Payment terms specify the period allowed to receive payment from a customer or the date a vendor expects payment. Terms usually indicate the number of days before payment is due.
Example payment terms
- Net 15
- Net 30
- Net 60
- Net 90
- Due on receipt
- X of the month
- X of the following month
- X of month
- X of following month
In these examples, X represents a day such as 5, 10, 15, 20, 25, or 30. For example, 20th of the month, 5th of the following month, or 15th of the following month.
Blank payment term
Sage Construction Management creates a blank payment term during account setup. This term cannot be deleted and is used as the default when importing companies from Microsoft Excel.
Where referenced
- Company profile (default setting for vendors)
-
Procurement module
- POs
- Bills
- Subcontract invoices
-
Contract Administration module
- Prime contract invoices
Accessing and adding payment terms
-
Log in to Sage Construction Management as an Administrator.
- Select Settings (
) > Company Settings> Payment Terms.
- Select Add above the grid.
- Enter the payment term in the grid footer.
- Select Save.