Payment terms

Introduction

Create and change payment terms used for your invoicing.

Description

This page shows the created payment terms you can select on the customer card and new invoices.

Filter

On the top of the page, you find the filter, where you can select to active, inactive or all payment terms. As default, you only see the active payment terms.

Payment terms

The table shows your payment terms. If you wish to create a new payment term, click the New payment terms button.

You need to enter the following information for each set of payment terms:

  • Name
  • Text on invoice – Here you enter the text, which you would like to see on the invoice
  • Credit terms – Net, current month, cash on delivery
  • Due in – Here you enter the number of days the customer has to pay the invoice, e.g. 14 or 30 days
  • Interest – Here you enter how much in % is added to an invoice, if you add a reminder fee
  • Interest period – When the interest is added to the invoice amount, if you send a reminder incl. a reminder fee (twice monthly, monthly, quarterly or yearly)
  • Late payment fee – Enter amount and currency

Mark This payment term is default for new invoices, if the new payment term should be used on all invoices.

In the table you see all payment terms including the above information.

The Default column shows with a checkmark which payment term is selected as default when creating a new customer.

Special remarks

If a different payment term than the default is selected on the customer card, the setting on the customer card will be used when creating a new invoice.

You can also enter a specific payment term on a project in the invoice settings, which overwrite the selected payment term for the customer.

If you have added a financial integration to TimeLog, then please note that you manage the payments which are transferred to your financial system, when you configure the integration. It is always the payment terms in the financial system which apply to the final invoice. It is an advantage to create the same payment terms in TimeLog as you have in your financial system, so they do not differ.

Last updated 01 Jul 2020