Payment Terms

The payment terms you use to outline how, when, and by what method that you and your customers and suppliers provide payment to and from can be added to cieTrade. This can be beneficial in determining due dates and improving your financial reporting capacity.

In cieTrade.net, your AR and AP  Payment Terms can be used when posting Customer Invoices and Supplier Bills to your accounting system. Within your account, you can define each term (i.e. number of days from ship date, discount amount, etc.) and assign each term a distinctive Description. It is important that these terms are correctly defined within this setting, as they will populate in Payment Terms dropdowns and documents throughout the system, where they can be applied to Counterparties, Worksheets, and Orders.

How to Add a New Payment Term

1. Navigate to Settings > Payment Terms.
2. Click + New Terms.
3. Enter the Payment Term Description. This should be the name of the term and match identically to the term in your accounting system. 
4. Select a Type. This will determine how the due date on worksheets is determined. The available options are:
   1. Days After: Defines the number of days after the post-date that the due date will be generated from.
   2. EOM+Days: Defines the number of days after the post-date the due date will be generated from, but starts from the end of the month.
   3. Manual Date: This option will not automatically set a due-date (similar to the other options), but will instead require you to define one.
5. If applicable, enter when a discount will be applied by using the Discount and Rate % field. If a discount is not applicable, set the "Discount" field to "None".
6. Once you're finished, click Save.

You're done! Once you save your changes, the payment term will be available.

Additional Information

How to Delete a Payment Term

Payment terms can be removed from the system by clicking the trashcan icon that appears upon hovering over the payment term.

NOTE: Payment terms cannot be removed if they've been applied to an Order, Worksheet, or Counterparty.

How to Set the Default Payment Term for a Counterparty

You can set the default payment term of a counterparty by:

1. Navigate to the Counterparty and elect to edit it.
2. From the edit page, select Billing & Payment.
3. Within the Payment Terms field, select the option you would like to use for their default term. 
4. Once you're finished, click Save.

If you have additional questions, please contact the Support Team via email to support@cietrade.net.