Define payment terms
Learn how to define payment terms for customers, including options for net and prox payment terms, and track changes using the Audit Trail.
Use the Define Payment Terms page to define when customers pay for their goods and services. It is common for such terms to be included in a customer’s license or services contract (the contract that governs the subscription).
No limit exists on the number of payment terms that can be created in a tenant.
The following payment term options are available:
-
Net Payment Term: For this option, the payment interval between the invoice date and the due date is a fixed number of days that you determine. The default payment term is Due Upon Receipt, which means the due date is the day the invoice is received.
-
Prox Payment Term: This option lets you define the day of the month for the invoice to be sent, the payment interval before the due date (in months), and the day of the month on which the due date occurs.
Track Payment Terms Setting Changes Through Audit Trail
You can use Audit Trail to track changes on the Payment Terms setting. Use Data Query to run a report against the auditsettingchangeevent Audit Trail table to retrieve the records.
To retrieve the setting changes records, submit a data query through UI or API with the following SQL query:
SELECT username AS UpdatedBy,
action AS Action,
settingtype AS SettingType,
attributename AS Attribute,
oldvalue AS OldValue,
newvalue AS NewValue,
timestamp AS Timestamp,
SettingObjectName
FROM auditsettingchangeevent
WHERE namespace <> 'UserManagement'
AND settingtype = 'PaymentTerm'
ORDER BY timestamp DESC
LIMIT 100000Create a Payment Term
This topic explains how to create and activate payment terms in the Billing Settings.
To create a payment term:
Net Payment Term Examples
This reference topic provides examples of net payment terms, including invoice dates, number of days, and due dates.
|
Invoice Date |
Number of Days |
Due Date |
|
August 1 |
30 |
August 31 |
|
August 1 |
15 |
August 16 |
Prox Payment Term Examples
This reference topic provides examples of prox payment terms, detailing invoice dates, cutoff dates, and due dates.
|
Invoice Date |
Invoice Cutoff Date |
Number of Months |
Payment Due Day |
Due Date |
|
August 10 |
The 12th of the month |
1 |
The 20th of the month |
September 20 |
|
August 15 |
The 12th of the month |
1 |
The 20th of the month |
October 20 |
|
August 21 |
The 12th of the month |
1 |
The 20th of the month |
October 20 |
|
August 10 |
The 20th of the month |
1 |
The 12th of the month |
September 12 |
|
August 15 |
The 20th of the month |
1 |
The 12th of the month |
September 12 |
|
August 21 |
The 20th of the month |
1 |
The 12th of the month |
October 12 |
|
August 21 |
The 20th of the month |
3 |
The 12th of the month |
December 12 |
|
August 15 |
End of month |
1 |
End of Month |
September 30 |
|
January 1 |
The 5th of the month |
1 |
The 30th of the month |
February 28 |
Track Payment Terms Setting Changes Through Audit Trail
This topic explains how to track changes to the Payment Terms setting using the Audit Trail and Data Query.
You can use Audit Trail
to track changes on the Payment Terms setting. Use Data Query to run a report against the
auditsettingchangeevent
Audit Trail table to retrieve the records.
To retrieve the setting changes records, submit a data query through UI or API with the following SQL query:
SELECT username AS UpdatedBy,
action AS Action,
settingtype AS SettingType,
attributename AS Attribute,
oldvalue AS OldValue,
newvalue AS NewValue,
timestamp AS Timestamp,
SettingObjectName
FROM auditsettingchangeevent
WHERE namespace <> 'UserManagement'
AND settingtype = 'PaymentTerm'
ORDER BY timestamp DESC
LIMIT 100000