Payment Terms
Can we customise the payment terms in sales. Our trading terms do not come under the categories that are offered. We have a 50% deposit before the items can be ordered and the balance paid on insta...
Forum Discussion
Hi Fiona27,
Thanks for your post and welcome here to the Community Forum.
Regarding your inquiry, if your trading terms are more complex, such as requiring a deposit before items are ordered and the balance paid on installation, you may need to make some adjustments.
You can create a custom field for payment terms and enter your specific terms, such as "50% deposit before ordering, balance on installation. Since your terms are not standard, you may need to manually adjust the due date on the invoice to reflect the actual terms agreed upon with the customer. Instead of creating a single invoice for the total amount, consider creating two separate invoices.
Invoice 1: 50% deposit before ordering.
Invoice 2: Balance to be paid on installation.
Adjust the due dates on each invoice according to your specific terms. Then check if your MYOB version supports progress invoicing. This allows you to invoice a percentage of the total amount as a deposit and then invoice the remaining balance later. Set up progress invoices with the required percentages and due dates.
You may also check our Help Article: Credit terms for other information and instructions to assist you with this.
Please do not hesitate to post again if you need help in the future.
If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.
Cheers,
Leneth
