You use the A/R Terms screen to define all the payment terms Accounts Receivable uses. Each set of payment terms is identified with a terms code. The terms include payment due dates, discount dates and percentages for early payment, and multiple payment schedules.
You assign a terms code to each customer to set the default terms that appear when you enter invoices for the customer. You also assign a terms code to each customer group.
Note: You must define at least one set of payment terms before you can add customer records.