Payment Terms

Uphance allows you to define and manage your payment terms with your customers. You can define the payment term for each invoice as well as set defaults for your customers.  Uphance also allows you to customize, define and manage a number of payment terms.

Confirming a Sale

When confirming a sale, defining the payment terms is now a required field and must be done prior to confirming the sale and creating invoices.  

When confirming a Sale, you will see the "fix" notification as shown in yellow in Figure 1.  

To "fix" (or define) the payment terms, click the "None" as shown in pink in Figure 1.  Then, select the payment term from the drop down list as shown in Figure 2.

Figure 1

Figure 2

Orders Created Before Required Field

For Orders that were created before the payment terms field became a required field, a payment term must be added before new invoices can be created including balance invoices.  If the payment term is not set, you will receive an "error code 500" message when you attempt to create an Invoice on an existing order.

Add Payment Terms

To set your default payment terms or create multiple payment terms that can be used as a drop down list for your invoices as illustrated in Figure 2:

  1. Navigate to Settings>Invoicing
  2. Click the "plus sign" in the top, right corner (Figure 3)
  3. Type the data for your Payment Term in the appropriate fields (Figure 4)
  4. Click "Set as Default" box if you want that to be the default for all new invoices where a payment term is not pre-defined for a specific customer.
  5. Click "Update Payment Term" button

Figure 3

Figure 4

Deleting / Editing Payment Terms

To Delete a Payment Term, click the recycling bin at the end of the row of the Payment Term you want to remove in Figure 3.

To Edit a Payment Term, click the edit icon (pencil) at the end of the row of the Payment Term you want to edit in Figure 3.

Figure 5 demonstrates what a completed payment term might look like:

Figure 5

Early Payment / Settlement Discounts

When specified on an invoice, a settlement discount is a percentage discount given to the customer for prompt payment. For example, a 2% discount if the invoice is paid within 10 days. The terms under which the discount can be claimed are entirely up to you and should be included within the payment terms you enter. The prompt payment amount is indicated on the invoice in addition to the regular invoice total.

If a selected payment term has an Early payment discount selected and the Payment was created before the due date, the Invoice will be indicated with "Mark settlement discount taken".  

Figure 6

If you need to remove the settlement discount from your invoice, select: "Unmark Settlement Discount Taken" from the drop down Documents menu within your Invoice located in the top right section of your Sales Order screen.

Invoice Due Date

The Due Date field  for Invoices is automatically calculated based on what is set as the default under Settings>Invoices in Payment Terms section. The Payment Terms defined within the customer profiles calculate due dates for the Invoice PDFs and are displayed on the paperwork.  Edit your invoice to modify an invoice due date or Payment Term as needed.  See the Invoicing Knowledge Article for additional information.

Customer Profiles

You can specify default Payment Terms for each of your customers within their profiles which will override the default settings on new invoices.  If the Payment Term is not specified within the customer profile, it will use the default you define as described earlier in this document.  See our Customer Setup & Profiles Knowledge Article for additional information.

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