Payment Term(s) are generally used for purchasing, utilities and/or rent. This allows you to have terms with a vendor so you do not have to pay on delivery (C.O.D.) or before delivery (C.B.D.).Terms where payment is due within 15 to 30 days is most common. It also gives the opportunity for all bills to get paid in a timely manner.
Access Payment Term List
From any screen in ZarMoney, hover over the Company tab and select Company Preferences. Select Payment Term from the drop down list.
- The Payment Terms List is where existing Payment Terms can be edited or new ones added.
Add a new Payment Term:
- In the Name field choose a name that will be used to identify this Payment Term and enter it here.
- In the Due field enter the amount of time until payment is due in days.
- In the Cash Discount field choose a discount given if payment is made within a certain time frame before the bill is due. This acts as an incentive for bills to be paid early.
- When finished select Add New to save the Payment Term.
Delete a Payment Term:
- Select the Trash Can Icon to the right of the Payment Term you would like to Delete.
- A pop-up window will ask if you are sure you want to delete this record. Select Yes to continue and delete. Select No to go back to the Payment Terms List without making any changes.
To Edit a Payment Term:
- Select the Pencil Icon to the left of the Payment Term you would like to Edit.
- Modify the information.
- Select OK to save the changes you made or Cancel to go back to last saved version of that Payment Term.