Payment terms
Set your payment delays once, then Axolot works out the due date of every invoice.
A payment term describes when an invoice falls due, for instance 30 days net or end of next month. Instead of typing a due date on every invoice, you pick a term and Axolot computes the date.
Three levels, from the broadest to the most specific
| Level | Where to set it | What it does |
|---|---|---|
| Company | Company settings, Bank details tab | The term applied by default to all your new invoices. |
| Customer | Customer record | Overrides the company default for that customer only. |
| Invoice | Invoice editor | Overrides both, for a single invoice. |
When an invoice is created, Axolot keeps the most specific term available and derives the due date from it. You can still type a date by hand, it then wins and the term is removed.
Creating your terms
- Open Sales then Payment terms.
- Name the term, that name is what appears on the invoice.
- Add an instalment with its delay in days and its starting point (invoice date, end of month or end of next month).
- For staged payments, add further instalments each carrying a percentage. The last one always carries the balance.
Your company starts with the most common terms already created (immediate payment, 10, 15, 30, 60 and 90 days, end of month and end of next month), with 30 days kept as the default. You can rename them, deactivate them or create your own.
Staged payments
A term such as 30 % upfront, balance in 60 days is entered as two instalments. The invoice then shows the detailed schedule, amount by amount, and its due date is the one of the last instalment.