The credit terms you assign to your customers -- and those your vendor assign to you -- are rules that govern the number of days between shipping and payment, discounts for early payment and penalties for late payment. You can set specific credit terms for each customer using the Customer Terms Information section of the Selling Details view; you can set specific credit terms for vendors using the Vendor Terms Information section of the Buying Details view.
After you set up credit terms, discounts based on the terms are automatically calculated when you enter sales and purchases. (You can change the terms and discount amounts for individual sales or purchases, if you need to.)
Idea: You can set up credit terms for all new customers and vendors
If you wish to establish a set of credit terms for your new customers and your new vendor, you can use the Preferences window to do so. To do this, use the To change the default credit terms for a new customer or To change the default credit terms for new vendors procedure.
The terms you set in these windows will be applied only to new customer and vendor cards you create. For customer cards already created, credit terms can be assigned in the Selling Details view of the Card Information window; for vendor cards already created, credit terms can be assigned in the Buying Details of the Card Information window.
Step by step
To change the default credit terms for new vendors