The following steps will show you how to create a new payment term in Method:CRM's Terms App.
1. From your Method:CRM dashboard, click ⊕ New on your Terms App, or click ⊕ New Term on the Terms List screen.
2. This opens the New/Edit Terms screen.
- Name*: Assign a unique and descriptive Name to your new term.
- Term is Active?: When checked, it makes this term available in dropdowns throughout Method:CRM. This is not available if you are using QuickBooks Online.
- Discount Percent: Assign one if applicable Note: Usually, this option is used if you want to give a customer a discount if they pay their invoice early.
- Term Option - Standard: Determines how many days from the transaction date before a payment is due. If you assigned a discount percent, identify in how many days the transaction must be completed for the discount to apply.
- Term Options - Date Driven: identify what day of the month the transaction is due (e.g. the 25th).
You can defer the transaction until the following month if it is received within a set number of days before the due date (e.g. if a customer receives an invoice within five days of the due date, the payment can be deferred).
If you assigned a discount percent, identify the day the transaction must be completed in order for the discount to apply.
6. Click Save. You are returned to your Terms List.
And you're done! You've successfully created a new term.