Payment Terms Template

Payment Terms Template allow you to club multiple payment terms together and fetch in transactions.

After creation, the Payment Terms Table can be set to a specific Customer/Supplier. On selecting the Customer/Supplier in a transaction, the Payment Terms Template will be fetched automatically into the transaction.

For example:

If you receive payment in the slab of 30-70, then you can define Payment Term for each slab, i.e. 30% and 70%.

In the Payment Terms Template, you can select all the Payment Terms and define a template which can be easily applied in the sales and purchase transactions.

Payment Terms Template

1. Prerequisites

Before creating and using Payment Request, it is advisable to create the following first:

  1. Payment Terms

2. How to create a Payment Terms Template

A Payment Terms Template tells ERPNext how to populate the table in the 'Payment Terms Schedule' section of the sales/purchase document.

You should use it if you have a set of standard Payment Terms or for ease of use.

  1. Go to the Payment Term Template list and click on New.

  2. Enter a name for the template.

  3. Add the created Payment Terms in the table rows.

  4. Make sure that the total Invoice Portion adds up to 100.

  5. Save.

3. Video

4. Term based Payment Allocation

If 'Allocate Payment Based On Payment Terms' is enabled on a template, Payments made against the Invoice through Create->Payment will have allocation based on the Terms.

  1. Template with 'Allocate Payment Based on Payment Terms' enabled. Screenshot 2023-08-01 at 10.30.32 AM

  2. Invoice made with above template. Screenshot 2023-08-01 at 10.32.01 AM

  3. Payment created against above invoice. Screenshot 2023-08-01 at 10.32.31 AM

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