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How do I create my own PO terms?
You can create your own standard payment terms and apply them to your orders. Here is a step-by-step guide on how to do so.
Go to the standard terms page (requires you to be logged in).
Click "New standard term". You can also duplicate an existing term by clicking on the "…" behind the terms you want to duplicate
Choose a name for your new standard term. You can call it anything you like as long as the name is unique
- Complete the details of the first payment as follows:
- Give the payment a name, e.g. "deposit" or "final payment"
- Define when the invoice should be sent. This has to be linked to an event, e.g. "order approved" or "goods ready for shipping"
- Decide who has to "confirm" the event
- Set the % of the total order amount that is due. If there is only one payment for this order, this has to be 100. If there are multiple payments and this is, for example, a 30% deposit, specify 30.
- Set the credit terms which determine how long the customer has to pay the invoice. Select the tick box if you want those days to only start at the end of the month
- Define any applicable early payment discounts
- If any documents are required before the event can be confirmed, specify them now
Click "Create Payment Term"
If this order has more than one payment, click "Add Payment" and repeat steps 4 and 5 for every payment.
- Click "Save Term"
All other terms between you and your supplier or customer should be defined in a legal document that you can attach to the order. Please make sure that the payment related clauses in this document are the same as the ones specified here.