Use this section of Codejig ERP to specify terms of payments that you can then use in the system, ether used for your customers, or set to your company by your vendors.
Payment terms are conditions under which a seller will complete a sale. The seller might be your company when selling items to your customers, or your vendor when your company purchases items from him. Typically, these terms specify the period allowed to a buyer to pay off the amount due, and may demand cash in advance, cash on delivery, a deferred payment period of 30 days or more, or other similar provisions.
In Codejig ERP, payment terms are used across:
- Sales module to specify terms of payment under which items are to be sold.
- Purchase module to specify terms of payment under which items are to be purchased.
- CRM module to assign default terms of payment to a new company while setting it up. Also, to select appropriate terms of payment for sales and purchase transactions.
In all mentioned above documents, payment terms are suggested automatically for each company, the suggestions representing base payment terms specified for a company while it has been created and defined in the system (as defined in their details). You can change suggested payment terms and use different ones for sales and purchase documents only if payment terms have been assigned to the company. Then, you can select relevant payment terms.
To see the list of payment terms
- On the Codejig ERP Main menu, go to the Banking module, and then select Payment terms.
A listing page of the Payment terms directory opens.
- Created Payment terms are listed in the table.
There are no pre-defined payment terms in the system, you have to create them manually from scratch.
For more details, see Create New Payment Terms.
Payment Terms: Discount Terms Tab