Web Suite Terms screen enables you to specify and customize payment terms on invoices. This can replace the practice of having the invoice templates modified with Crystal Reports. Payment terms indicate when you expect to receive payment from a client. In case of delinquent clients or late payments, the specified interest or late fee can be charged. You can create a list of often-used payment terms on the Terms grid. These user-defined terms will be available in the Project and Client screens and applied in the Billing Review. On creating a new database, the Terms table is pre-filled with standard terms.
For example, if you expect payment from a customer within 30 days and you charge an interest rate of 5% on late payments, the terms can be set here as Net 30 for 30 grace days. The late fee charges can be set in the Project screen. To apply terms to a transaction, select the terms you want in the Client or Project screen, to be used when you are creating an invoice. If payment terms are selected in the Client screen, these terms will always be associated with that customer and will automatically fill in whenever you create an invoice for this customer. If payment terms are selected in the Project screen, these terms will be associated with that project only when you create an invoice for that particular project.