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Payment Terms define how the user will pay to the Vendors and how the Customers will pay to the user. Payment Terms are used to determine
how account payables and receivables will be aged. Default Payment Terms are set on the Customer and Vendor records.
Free Accounting keeps both Customer and Vendor payment terms in the same list, so the terms you need are all available whether you are
creating an invoice or a purchase order.
To view the Terms List select Lists / Person Profile Lists / Terms List from the Main Menu or press either 
or  on the Commands Panel and select  Terms in the Navigation Pane.
Take the following steps to create new terms:
- Select Lists / Person Profile Lists / Terms List from the Main Menu.
- Make right click in the Preview Pane and select Add.
- Enter the required information into the fields. After saving, this information can be edited by right clicking in the Preview Pane and
selecting Edit or just by double clicking on the line.
- Press the Ok button to save the changes.
Terms - This is the description of the terms.
Days To Pay - This is the number of days within which the bill is to be paid.
Early - Use this section only if there is a benefit for paying early.
Type - Select the type of the terms: either Discount or Credit.
Discount - This is the percentage of the bill that is subtracted from the bill if it is paid early.
Credit - This is a dollar amount that is subtracted from the bill if it is paid early.
Early Days To Pay - This is the number of days within which the bill can be paid and still considered as an early payment.
Late - Use this section if there is a penalty for paying late.
Type - Select the type of the terms: either Charge or Fee.
Charge - This is the percentage of the bill that is added to the bill if it is paid late.
Fee - This is a dollar amount that is added to the bill if it is paid late.
Late Days To Pay - This is the number of days from the invoice date, that the late charge or fee takes effect.
Use Search function to find the required record.
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