Payment Terms
Companies frequently use a variety of payment providers and methods in order to easily handle transactions. Establishing suitable payment terms is crucial if you want to be paid on a consistent basis, regardless of the payment method you link with your company. Payment terms are important because they establish terms for payments, which helps to maintain the flow of transactions. Several payment conditions can be established in the Odoo 17 Invoicing module. You can use these terms of payment when creating new agreements, bills, or invoices in Odoo 17.
The Payment Terms> platform is accessed through the Invoicing module's Configuration menu. In your system, the window will show pre-configured payment terms.
Click on the appropriate payment term to make changes to one of the available ones. From the options provided, you can choose a view that is appropriate for this platform. To open the new creation window, click the New button. Below is a screenshot of the payment term creation window's form view.
Mention the new Payment Term in the designated space. Customers will receive an explanation of the payment terms from the information you include in the invoice's description. Put the name of your company in the Company area. Using the 'specify a Line' button in the window, you may specify the terms for this payment. The Due Type, Value, Months, Days, End of Month, Days Following the End of Month, Discount, and Discount Days will all be displayed in the list. A fixed amount, percentage, or balance can be the due type. To guarantee that the entire amount will be allocated, the computation type for the final line should be set to "Balance". Use this approach to create new terms for payments.