Glossary
Payment terms
Payment terms are the agreement on when and how a bill gets paid, such as cash on delivery or within 30 days.
What it means for a shop owner
Write them on the bill so there is no room for argument. Longer terms for your customers mean money waiting with them, and longer terms from your suppliers mean money stays with you. Balance the two.
A worked example
A bill of 1,000 on "net 30" terms is due within 30 days. If it is issued on the 1st, the last date is the 31st.
Related
Try it in your shop, free, no card.
The free plan: the whole shop for one branch, an offline cashier with stock, debts and accounting, with a daily limit on invoices, expenses and purchase orders. What it includes