Payment Terms: End of Next Month (and their effect on statements)
Cadzow 2000 has a number of pre-defined payment terms such as 7 days, 14 days, 30 days, End of Next Month, Cash Before Delivery etc.
There are two payment terms called “End of Next Month”. If you look closely, you will see that one has an asterisk after it. These are used as follows:
- End of Next Month: An invoice marked with these payment terms is due on the last day of the next month. If an invoice was dated 21/02/2002, then it will be due on 31/03/2002 (and therefore on the next day, 01/04/2002). On the March statement the amount would still show as “current”.
- End of Next Month*: An invoice with these payment terms is due the second to last day of the next month (ie. 30/03/2002). This way the March statement at 31/03/2002 will show that invoice amount being overdue.
There are a number of ways you can change the payment terms:
- If you want to change your default payment terms, use Main Menu / Accounts Receivable / Miscellaneous / Invoices.
- If you want to change it for a particular client, load that client and choose Other Information.
- Or you can simply change the payment terms at the time of creating the invoice (if you have permissions to do so).