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I would like to customize payments terms as 'pay upon released letter of credit', which doesn't have this option in MYOB.
Is it possible to change payment terms to my own description?
Here are a couple of work arounds that may work for you. If this is the terms across the board for your customers you could add a text box onto your customised form with your wording in it. Or you could use a comment, under lists, sales and puchases information and comments. If you use comments you would need to have that field on your customised invoice so you can select for the customers it applies to.