This guide explains how to view, create, and manage Payment Terms in Exacc. Payment Terms determine when an invoice becomes due for payment and help streamline your accounts receivable process. Setting up accurate terms ensures that invoices automatically apply consistent due dates for customers and suppliers, reducing administrative overhead and minimising confusion about payment expectations.
When you create an invoice, selecting a Payment Term automatically calculates the due date based on the invoice date plus the specified number of days. For example, issuing an invoice on 15 March with "Net 30" terms automatically sets the due date to 14 April, eliminating manual calculations and ensuring consistency across all financial documents.
Common Payment Terms include Net 7, Net 15, Net 30, Net 60, Net 90, and Due on Receipt. Net 30 is industry standard for most B2B transactions, while Net 60 or Net 90 typically apply to long-term partners or large contracts. Net 7 or Due on Receipt are usually reserved for cash sales, new customers, or high-risk transactions. Properly configured Payment Terms improve cash flow forecasting, enhance customer and supplier relationships, reduce payment disputes, and support compliance with commercial agreements.
This tutorial will guide you through accessing the Payment Terms configuration area, viewing existing payment schedules, creating new terms with custom names and day counts, activating or deactivating terms to control invoice options, and editing or deleting obsolete terms while preserving historical data integrity.
Follow these steps to add and manage payment terms in your Exacc system:
Pro Tip
Keeping your payment terms accurate and current ensures reliable due dates across all invoices and a consistent credit policy for your business.
You have now learned how to view, add, and edit Payment Terms in Exacc. By maintaining clear and consistent terms, you ensure smoother invoicing, fewer overdue payments, and better control over your cash flow and credit management.