Basic Categories: Invoice Terms
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Invoice Term values tell the client what percentage of an invoice is due and when. You'll also have the option to connect these values to QuickBooks.
NOTE: Changes made to the Invoice Terms values won’t automatically update due dates for existing invoices. Also, the Basic Categories label has been renamed to Basic Codes, which is the label this article uses.
This article will explain:
- How to create Invoice Term values.
- What the pre-existing invoice values mean.
- Where to find the Invoice Term picklist when you create an invoice in BigTime.
Create Invoicing Term Values
First, we’ll show you how to access and create Invoicing Term values.
- Click My Company...Field Values.
- Click Basic Codes...Invoice Terms to access the Invoice Terms values.
- Click Add New Value to add another value to the list below. To edit an existing value, just click on the value you want to edit and make your changes on the right-side of the window.
- Add details about the newly added value on the right-side of the window.
NOTE: Check the box next to the phrase “use this term as the default on my invoices” to apply this value as a default for all of your invoices.
- Click Save+New to save your work. Doing so will also allow you to add more values, if you wish.
Next, we’ll explain what the pre-existing invoice term values mean.
Understand Invoice Terms
If your firm integrates with QuickBooks, then several invoice terms will automatically populate. We’ll explain some of these terms below:
- Percent discount for early payment. There are three pre-existing values that offer your client a discount for early payment.
For example, “1% 10 Net 30” means there’s a 1 percent discount for an invoice paid within ten days, otherwise the entire invoice is owed within 30 days. “2% 10 Net 30” means there’s a 2 percent discount for an invoice paid within ten days, or the entire invoice is owed within 30 days. And so on.
- Due on receipt. This means the payment is due once the client receives the invoice.
- Net 15. There are three pre-existing values that begin with “Net”: Net 15, 30, 60. The number after “Net” refers to the number of days the client has to pay an invoice. For example, “Net 15” means the client has 15 days to pay their bill. “Net 30” means the client has 30 days to pay their bill. And so on.
We’ll show you how to access the invoice term picklist in BigTime next.
Access Invoice Terms Picklist when Creating an Invoice
Follow the steps below to access the picklist of invoice values you’ve created:
- Click Invoicing...Overview.
- Click Drafts, located in the middle tile.
- Click on a numerical value, hyperlinked under the “Amount” column.
- Click the white triangle under Terms located on the gray side-bar. Doing so will populate all of your invoice options.