Terms Follow

Terms in Midnight define the payment expectations for your customers and vendors.

Examples of common terms include:

• Due Upon Receipt
• Net 15
• Net 30
• Net 45
• COD (Cash on Delivery)
• Prepaid

Terms can be assigned to customers, vendors, and transactions and are used throughout Midnight to calculate payment due dates automatically.

Where to Manage Terms

To view or maintain Terms:

1. Navigate to Admin.
2. Expand Estimate/Order.
3. Choose Terms.

From here, you can create, edit, or deactivate payment terms as needed.

Creating a New Term

In the gray bar at the bottom of the Terms list enter the Code (limited to 10 charcters), Description, How Many Days Till Due, ensure the Active box is selected and click the save icon.

Assigning Terms to Customers

Terms are commonly assigned at the customer level.

1. Open the customer record.
2. Select the appropriate Terms.
3. Save the customer record.

When estimates are converted to orders and invoices, the customer's assigned term is used automatically.

Assigning Terms to Vendors

Vendor terms can also be maintained for purchasing and accounts payable processes.

1. Open the vendor record.
2. Select the appropriate Terms.
3. Save the vendor.

This allows Midnight to track expected vendor payment dates and obligations.

How Terms Affect Invoices

Terms impact:

• Invoice Due Dates
• Aging Reports
• Accounts Receivable Reporting

When an invoice is generated, Midnight uses the assigned term to determine when payment is due.

Example

Default Terms for New Customers