When Creating a Sales Order, a user must select a Payment Term. A Payment Term determines how long after sending the Sales Order Invoice to the vendor the licence holder expects to receive payment. For example, NT30–or Net 30–indicates that the vendor should pay the licence holder no more than 30 days after receiving the sales order invoice. The licence holder should collaborate with vendors to determine appropriate Payment Terms.
- In the Wholesale application, open the Settings tab.
- Select the Payment Terms sub-tab. It should be open by default.
- Click New. This opens a New Payment Term modal.
- Enter the Payment Term's code in the field provided, and select the appropriate currency from the drop-down menu.
- Click Create to add the new Payment Term.
From the Settings tab, a user can also Add a New Vendor Category.