Get paid faster - set terms early and stick to them

MYOB Moderator
230 Posts
MYOB Moderator
MYOB Moderator




Recent research by Dunn and Bradstreet shows it takes an average of 56 days to get your invoices paid, and that less than half of invoices are paid within the “standard” 30 day terms. That’s a lot of valuable cash locked up in unpaid invoices.


One quick fix for this is setting payment terms for your invoices that suit the way you do business and sticking to them. And that may include setting terms that aren’t the traditional 30 days.


Setting your default payment terms for an invoice in MYOB Essentials is easy. All you need to do is decide what you want your default payment terms to be, and make sure both you and your customer are aware of your terms before you start doing business with them. That way there’ll be less hassle when you invoice for your work.


Setting terms in MYOB Essentials

Set global payment terms from the Invoice and quote settings page in MYOB Essentials, from the Payment options tab.


invoice and quote settings.png


 All invoices you create from that point on will have your default terms.




You can set up your invoices to be due a number of days from invoice date, a number of days from the end of the month, or you can select Due on and enter a due date when you create the invoice.


You can change invoice terms on the fly for individual clients when you create an invoice, so you can customise payment terms for your customers as you create the invoice.




Follow up on late payers

Even with the best planning, there will be customers who don’t pay. Stay on top of them, and follow up with a polite phone call, a day or two after the due date.


MYOB Essentials makes is easy to keep on top of late payers. Your dashboard tells you how much you’ve invoiced and how much of that is overdue.




Click the invoices overdue link to open a list of the overdue invoices. You can then easily follow up with a phone call or resend the invoice.


1 Post

Is there a way to get rid of the payment terms? I am a sub contractor and get paid on time very week and dont want my employers to have a due date on the invoice.


MYOB Moderator
37,527 Posts
MYOB Moderator

Hi @Mattcapizzi


Thank you for your enquiry

Currently you are unable to delete the due date generated by the payment terms of an invoice in MYOB Essentials when the invoice is printed. I would recommend showing your support for Customisation of Invoices - option to delete due date? on the MYOB Essentials Idea Exchange. You can show your support by voting for an idea using the + VOTE button to the left of the idea's name, you can also comment if you would like.

A workaround would be to set the due date to be the same as the invoice date. This can be done by default selecting the Default payment terms as Due on. When printed the due date will show the same as the invoice date:
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1 Post
Cover User

I like the way that this works but find that some of my customers due dates are 20th of the following month and some are 15 days. I have to carefully check that it is set correctly per invoice (which is painful) or I can get long delays in payment from some customers.


Have you looked into setting the period per customer?



MYOB Moderator
37,527 Posts
MYOB Moderator

Hi @NZRob

Currently MYOB Essentials allows one default set of terms, which is used for all customers. If you do have different terms for a customer/invoice it would need to be changed using the Payments terms option when saving the invoice.

If you would like to see the option for payment terms on a per customer basis in MYOB Essentials I would encourage you to show your support for  Payments Terms on the MYOB Essentials Idea Exchange. You can show your support for an idea by selecting the + VOTE button to the left of the idea's name.