Payment Terms

From Fishbowl
Jump to: navigation, search

Icon.Payment Terms.png The Payment Terms module, located in the Setup group, allows payment terms to be created, edited, and deleted. Payment terms can also be imported from QuickBooks or created using the import. Default payment terms can be set on the Details tab of the Small.Customer.png Customer module, the Details tab of the Small.Vendor.png Vendor module, and can also be customized on a per order basis.

Create a new payment term

Payment Terms can either be created in Fishbowl or imported from QuickBooks. Payment Terms in Fishbowl have the same fields as those in QuickBooks.

Payment Terms QuickBooks.png
  1. To create payment terms in Fishbowl, open the Payment Terms module and click the New Button.png New button located on the module toolbar.
  2. Select the Payment Type.
    • NET - Enter the number of days allowed for payment in the Net Days field. Enter a discount that will be given for early payment in the Discount % field. Enter the number of days allowed for the discount in the Discount Days field.
      Fishbowl Net Terms.png
    • DATE DRIVEN - Enter the day of the month that payment is required in the Due Date field. The payment won't be required until next month if the order was within a certain number or days of the due date. Enter a discount that will be given for early payment in the Discount % field. Enter the day of the month required to receive a discount in the Discount Date field.
      Fishbowl Date Terms.png
    • NONE - Used for custom payment terms. Exports to QuickBooks as standard payment terms with zeros in the required values.
  3. Click Next to enter any details for the payment terms. and then click Finish to complete the wizard.

Fishbowl automatically creates the following read-only payment terms.

  • COD (Cash on Delivery) - Payment is due at the time of receipt/delivery.
  • CIA (Cash in Advance) - Payment is due prior to receipt/delivery.
  • CCD (Cash Concentration and Disbursement) - This is a format for Automated Clearinghouse (ACH) type payments, or payments dealing with electronic transactions.

Edit, delete, or inactivate a payment term

  • To edit a payment term, double-click the payment term in the search pane, make any changes, and then click the Save Button.png Save button located in the module toolbar.
  • To delete a payment term, double-click the payment term in the search pane and then click the Delete Button.png Delete button located in the module toolbar.
  • A payment term cannot be deleted if it is in use by other modules. In this case, a payment term can be inactivated by unchecking the Active checkbox and then clicking the Save Button.png Save button in the module toolbar. To view an inactive payment term, select Inactive in the Status dropdown of the search pane.