Payment Terms Extended
Demo video: Payment Terms Extended
What it does
Payment terms are the determination of the payment value and payment term for each purchase and sale transaction to ensure that payments are made on time and accurately. When using the accounting app, you will only need to declare the payment terms once, and apply them to orders and invoices, then the payment schedule will be automatically calculated by the system.
In order to calculate the due date flexibly and accurately with the actual situation of the business, we added two more conditions on the payment terms so that accountants have more choices in tracking debts.
Key Features
Allow to configure the due date in Payment Terms with:
- Fixed Day of Next X Month(s);
- Last Day of Next X Month(s).
Where X is the number of months defined by the users.
Supported Editions
- Community Edition
- Enterprise Edition
Installation
- Navigate to Apps.
- Search with keyword to_payment_terms_extended.
- Press Install.
Instruction
Instruction video: Payment Terms Extended
Add two options for lines on payment terms. Go to Accounting > Configuration > Payment Terms > Create, in the Due Date Computation field, two more conditions have been added to determine the payment term including:
- Fixed Day of Next X Month(s);
- Last Day of Next X Month(s).
1. Fixed Day of Next X Month(s)
With this option, you will choose the exact date and number of the next month to pay.
For example:
A Vendor bill was created on 10/20/2022.
The Payment term is created with the condition to determine the payment term as Fixed day of Next X months:
- On the 5th of the month;
- The next number of months is 2.
=> Due date is 5/12/2022.
2. Last Day of Next X Month(s)
With this option, you will choose the number of the next month and will always pay on the last day of that month.
Similar to the example above:
A Vendor bill was created on 10/20/2022.
The Payment term is created with the condition to determine the payment term as Last day of Next X months:
- The next number of months is 2.
=> Due date is December 31, 2022.
This software and associated files (the "Software") may only be used (executed, modified, executed after modifications) if you have purchased a valid license from the authors, typically via Odoo Apps, or if you have received a written agreement from the authors of the Software (see the COPYRIGHT file).
You may develop Odoo modules that use the Software as a library (typically by depending on it, importing it and using its resources), but without copying any source code or material from the Software. You may distribute those modules under the license of your choice, provided that this license is compatible with the terms of the Odoo Proprietary License (For example: LGPL, MIT, or proprietary licenses similar to this one).
It is forbidden to publish, distribute, sublicense, or sell copies of the Software or modified copies of the Software.
The above copyright notice and this permission notice must be included in all copies or substantial portions of the Software.
THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.