How to change customer terms

If we want to make different terms with our customers then we can change it from Customer default window payment term. In the window of maintain customer prospect you can also change he terms of your customers by just clicking the option of terms which is at the end of this window and when you will click on that option this below window appears now as you can see that  this window contains different options.

As in the above window it’s mentioned that we have selected the option of use standard terms due to which all other options are invisible.

Now in this above given window as you can see the difference that i have unclicked the option of  use standard terms due to which other options are now visible so that you can also use them . As due in no of days option is clicked so that you can also change the options which are given at the bottom of this window bottom like the option of discount % credit terms and charge financial charges etc.

In the below window you can see that I have selected the option of C.O.D in the terms portion which is showing in the below window.

You can add customer beginning balances by selecting the window of maintain customer from the maintain menu. At the end of this window there is the option of beginning balances is given you can select them from this window.

As in the above mentioned window you can see that at the very start of this window we have given the customer id randomly and then the name after writing it then click the option of sales default then the window of sales default appears.

     

In this above mentioned window click on the option of GL sales account and then in that magnifier button when you will click some options of the accounts which you have already made will appears the from that list select the option of accounts receivable.

After selecting the option of account receivable then you have to again click on the general button and at the end of this window click on the beginning balances option so that new window of these recorded balances will appears.

As you see in this window first thing which is mentioned is the invoices for in which you can see that what I have recorded as the id and name is shown. Now in this window in invoice number you will mention your number of invoice then date amount of that invoice and the account of account receivable. But in this window we are not going to mention the PO number as it is irrelevant. Then after adding the particular amounts this below window will appear when we click the option of beginning balances.

Customers Default

If any of your cutomer gets defaulted then in order to check the amount which is due or defaulted by you can be checked by using this window.

As you can see that we have to click on the maintain option and from there select the Default option and then from this menu or sub headings select the customers option. When you will click the customer option then the new window of customer default appears which is given below.

1.    Payment terms:

Ø C.O.D:

In this above given window we have five main options from which first is the payment terms. In which first option is of COD is given in which when we click then some of the right side options hide as shown in the below given window.

In this window COD means cash on delivery which means that on the delivery of cash we will receive our cash.

Ø Prepaid:

In it if any amount paid in advance would be mentioned.

Ø Due in no of days:

When we click on this option right side options appears to select them.

Ø Due on day of next month:

When you will click on the option of due on day of next month then the option of due on the next month appears then you can also change the month.

 

Ø Due at end of month:

When we select the option of due at the end of the month then the other options also appears which you can select like discount %, discount in and credit terms. Below given window is showing this.

 

As in this below given window option of GL sales account is mentioned as < undefined Account > so you can also select any of the accounts which you have already made in the charts of the accounts.

2. Account Aging:

In invoice date if the goods were sold on 1st march and the 2^nd april is given so we will record it in the 31 – 60 option as the date 2^nd april lies in this option.

In case of due date if goods were sold on 1^st march and due date is 30^th march then the option of 0 – 30 would be selected.

So in this below window as you can see that the 4 column options are given t select hem on the bases of different situations. You can also edit these options.

 

3. Custom Fields:

In this window as you can see that there are four options given to you can enable them or you can also add the 5^th option as well.

 

In this window you can see that the last option is also added by me and its enabled as well.

 

In this above window when you enable something or edit it its effect would be shown in the customer perspective window in the option of custom fields.

4. Finance charges:

In this window you can charge you customers if you lend those 1000 then if they will return it before 15 days then they will get 3% discount but if they will pay after 30 days then no discount will be given to them.

 

In this above given window as you can see that there is the option of financial charges at the top of this window. Whenever you want to charge them to your customer then click this box then fill that below columns. So in first column mention that on which date you will charge your customers. In next you will mention your annual rate in third you will provide detail of the amount that above that amount you will charge some rate. And then what would be your minimum financial charge.

 

In this above given window as you can see that there is the option of finance charge GL account is given you can also select the accounts you have made earlier by clicking the magnifier option or by pointing your mouse cursor in that block then press + button those accounts will appears.

In that above window you can also select the option of late or finance charge by clicking the option of appears on invoices and statements as. And below that option there is an option of print finance charge warning message in order to print it.