Adjust payment terms

Payment terms tell the system how long a customer or supplier has to pay. When you choose a term on an invoice, its number of days sets the due date, which then drives aging reports and overdue alerts.

Rocket ERP comes with a ready set of payment terms, such as cash and several credit periods. You do not create new terms. Instead, you adjust how many days each one allows and switch off the ones your business never uses, so that the pickers stay short.

Change the days of a term

1. Open Administration › Organization › Payment Terms.

2. Find the term in the list. The Net days column shows its current period.

3. Open the row's actions menu and select Edit net days.

4. Enter the new Net days: a whole number from 0 to 3650. Use 0 for cash, meaning the invoice is due on its own date.

5. Select Save.

The new period applies to invoices you create from now on. Invoices already issued keep the due date they were saved with.

Deactivate a term

1. Open the row's actions menu and select Deactivate.

2. Confirm. The Status of the term changes to inactive, and it is no longer offered on new documents. Documents that already use it are not affected.

Use the terms

• On sales and purchase invoices, choose the term that fits the deal.

• Give each branch a default term in its sales invoice settings, so that new invoices start with the usual term.

Common questions

Can I add a term such as "Net 45"? Not from this screen; the list of terms is fixed. Choose the closest existing credit term and set its net days to 45, if its name still fits, or ask support to add a term.

I deactivated a term by mistake. The screen does not offer a way to reactivate it. Contact support to switch it back on.

Why is a customer's invoice due earlier or later than the term says? The due date is set when the invoice is saved, in this order: a due date typed on the invoice wins; on a credit sale, the customer's own payment days come next; otherwise the term's net days apply.