Company Settings - Payment Terms

Payment Terms specify the period allowed to receive payment from a customer or when a vendor expects to receive payment from you. Terms usually show the number of days by which payment is due.

Example Payment Terms

• Net 15
• Net 30
• Net 60
• Net 90
• Due on receipt
• X of the month
• X of the following month
• X of month
• X of following month

Note: X would represent 5, 10, 15, 20, 25 or 30 such as 20th of the month, 5th of the following month, 10 of month, 15 of following month, 30th of the month etc.

Blank Payment Term

Corecon will add a blank payment term option when the account is setup which can not be deleted. This will be the default term when importing Companies from Microsoft Excel.

Where Referenced

• Company Profile (Default setting for Vendors)
• Procurement Module:
  • POs
  • Bills
  • Subcontract Invoices
• Contract Administration Module:
  • Prime Contract Invoices

To Access and Add Payment Terms

1. Login to Corecon as an Admin.
2. Click Settings (Gear Icon) at the top of the Main Menu.
3. Click Company Settings | Payment Terms.
4. Click the 'Add' button above the grid.
5. Enter the Payment Term in the grid footer.
6. Click the 'Save' button shown below the grid.