Payment terms and tax templates
A supplier gives Demo School 30 days to pay. A reusable Net 30 term makes that due-date convention visible when preparing transactions. Tax templates serve a different purpose: they describe a configured tax calculation and its posting account. Neither template replaces review of the actual document.
On this page
Create payment termsCreate or review a tax templateFields that deserve a second lookReview journal templatesContinue withCreate payment terms
- Open Accounting > Accounting setup > Payment terms and select Add payment terms.
- Name the term, enter Due after days and Invoice portion (%), and review Allocate by schedule.
- For a simple Net 30 term, use 30 days and 100% of the invoice. The current creation form describes one schedule portion.
- Save the term and check the generated due date and schedule on the draft that uses it.
Create or review a tax template
- Open Tax templates. Review existing templates before adding another.
- Choose Add tax template; enter its name, direction, rate and tax ledger account.
- Review Included in displayed price and whether the template is the default for its direction. Confirm active status.
- On a new invoice or bill, check the selected treatment, tax lines and grand total before submission.
Fields that deserve a second look
| Field | Check |
|---|---|
| Direction | Selling and buying have different document and account destinations. |
| Rate | Use the treatment approved for the transaction; zero-rated and exempt are not interchangeable labels. |
| Included in displayed price | Decide whether the entered price already contains the configured tax. |
| Default | A starting selection for new work, not a retroactive change to issued documents. |
Review journal templates
The Journal templates tab lists the available reusable journal definitions. Review their contents and intended purpose before using a template through a supported journal workflow. The setup list does not currently provide a journal-template creation editor.