Assign payment term

By creating a payment term, the due date of an invoice is automatically calculated. This calculation is as follows:

Due date = invoice date + payment term.

When processing an invoice in AP Automation, a payment term may already have been entered. In that case, the due date is calculated automatically. If the payment term is not included, it can be selected manually.

A payment term can be automatically given to AP Automation when scanning the invoice. In that case, the correct term is automatically filled in and the due date is therefore also calculated automatically.

If the payment term is not included when scanning the invoice, a payment term can be selected manually.

The Payment term field is located on the header of the invoice. By clicking the drop-down, all possible payment terms are shown. The standard possible payment terms are explained below.

It is possible that your version of ISP-Invoice has other payment terms.

Fixed number of days

When selecting this payment term, a fixed number of days is added to the invoice date.
Example: invoice date is July 17th. The fixed number of days is 45. That makes the due date of the invoice 31 August.

End of month + X-number of months

When selecting this payment term, the end of the current month is first determined, then an X number of months is added.
Example: invoice date is May 2, month end is May 31, then 2 months are added to make the due date July 31.

End of month + X-number of days

When selecting this payment term, the end of the current month is first determined, then an X number of days is added.
Example: invoice date is October 6, month end is October 31, then 12 days are added to make due date November 12.

X-number of days + End of month

When selecting this payment term, an X number of days is first added to the invoice date, then the end of the relevant month is determined.
Example: invoice date is April 4. An additional 20 days makes April 24, end of month makes the due date April 30.
Example: invoice date is May 15. An additional 20 days makes it June 4, end of month makes the due date June 30.

Fixed day of the month

When selecting this payment term, the same day of the month is always selected as the due date.
Example: invoice date is November 17, the fixed day of the month is the 3rd, so the due date is December 3.
Example: invoice date is January 21st, the fixed day of the month is the 26th, so the due date is January 26th.

If, in the case of February, for example, a date is calculated that does not exist (February 30), the closest day of the same month is automatically selected. So in the case of February 30, it will be February 28.