Payment terms communicate to customers when an invoice balance is due. Setting up term codes properly will save time by populating the invoice Due Date so you don't have to set it every time you make an invoice.

This article covers how to create a new Term Code, some common term codes, and  explains how the different code types work. 

**If you will be syncing your Invoices and Payments to QuickBooks, the Name must match exactly with QuickBooks

If you're new to shopVOX, in the process of setting up your account AND you plan to sync your Invoices, Payments, and Purchase Orders to QuickBooks Online, QuickBooks Desktop, or Xero, follow along with one of our step-by-step guides to setup your Accounting integration.

QuickBooks Online: Connect
Quickbooks Desktop: Connect
Xero: Setup and Connect
If you've already setup your integration and just need to make a few changes, this guide is for you.

Adding Term codes

  • Open the Term Codes page.  Open your Company Menu > POS Settings > Term Codes.  

  • Click the New Term Code button in the menu to add a new Term Code.  

Note - you can also disable an existing Term Code by clicking the red stop icon.

  • Enter the Term Code Name** into the the name field. Try to keep this as short as possible. (Examples of common Term Code Names are near the bottom of this article)
  • Select the appropriate Code Type from the drop down menu - Standard*, Date Driven*, or Next Month Date Driven* (Explanation on what these mean/do in shopVOX at the bottom of this article, you are basically programming how shopvox will use the "Days" field when creating a default Invoice Due Date)
  • In the Days field enter the number of days (for Standard types*), or the Day of the Next Month (for Date Driven types*)

Click Save.

Common Term Codes

Some of these and others my come pre-loaded on your account.

  • NET 15, NET 30 (Due within 15, 30 days of invoice date), 50/50 (50% of order due before order/production begins, and the remaining 50% is due on pickup/shipment)
  • CIA (Cash in Advance, 100% due before order or production begins,
  • Due on Receipt (100% due when  the customer has received the goods/picked up).
  • Pre-payment (Contract/payments received in advanced for goods/services not yet rendered) 

*Understanding Code Types:

Setting the code type tells shopvox how it should use the "Days" field to set a default invoice due date (which can be overridden if user permissions permit)

  • Standard - the amount is due within x number of days from the invoice creation date. (Example: if my Days is set to 15, and I create an invoice on June 1st, the due date will default to June 16th. The due date will always default to be due within 15 days of the invoice creation date)
  • Date Driven - the amount is due by a specific day of the month. (Example: if my Days is set to 2 and the Invoice is created on June 3rd, the invoice due date will default to July 2nd. Payment is always do on the 2nd, no exceptions)
  • Next Month Date Driven - the amount is due by a specific day of the month, and is always the following month (Example: if my Days is set to 2 and the invoice is created on June 1st, the invoice due date will default to July 2nd, Payment is always due on the 2nd of the month following the current month, no exceptions)
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