12.5. Setting Billing Terms

12.5. Setting Billing Terms
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Billing Terms can be used to determine the payment due date and be a guide for determining discount for early payment of invoices (or vendor bills).

Nota

	Nota
As of `GnuCash` 2.6.7, Billing Terms are only partially supported. Date due is calculated using the Billing Terms but discount amount is not. Discount for early invoice payment is not implemented. There are 2 ways this may be done, although neither is recommended, and professional advice should be used to confirm that regulations are being complied with: After creating and posting a payment which pays the invoice in full, manually edit the payment transaction (usually strongly discouraged) and split the payment to reduce it by the amount of the discount and create a compensating split in an income (discount) account. Alternatively, after creating and posting a payment for the discounted amount, create a credit note for the discount using a specific negative sales income (discount) account for the transfer account.

As of GnuCash 2.6.7, Billing Terms are only partially supported. Date due is calculated using the Billing Terms but discount amount is not.

Discount for early invoice payment is not implemented. There are 2 ways this may be done, although neither is recommended, and professional advice should be used to confirm that regulations are being complied with:

After creating and posting a payment which pays the invoice in full, manually edit the payment transaction (usually strongly discouraged) and split the payment to reduce it by the amount of the discount and create a compensating split in an income (discount) account.
Alternatively, after creating and posting a payment for the discounted amount, create a credit note for the discount using a specific negative sales income (discount) account for the transfer account.

You can specify the billing terms on each invoice/bill. Invoice billing terms will default from the customer billing terms. Bill billing terms will default from the vendor billing terms.

Billing Terms are maintained using the Billing Terms Editor which is accessed via menu Business → Billing Terms Editor.

Figura 12.4. Billing Terms Editor

Figura 12.5. New Billing Term

Name The internal name of the billing term. For some examples of billing term names and descriptions see https://wiki.gnucash.org/wiki/Payment_Terms.
Description The description of the billing term, printed on invoices
There are 2 types of billing terms, with different information to be entered
- Type Days
  - Due Days The invoice or bill is due to be paid within this number of days after the post date
  - Discount Days The number of days after the post date during which a discount will be applied for early payment
  - Discount % The percentage discount applied for early payment
- Type Proximo
  - Due Day The day of the month bills are due
  - Discount Day The last day of the month for the early payment discount
  - Discount % The discount percentage applied if paid early
  - Cutoff Day The cutoff day for applying bills to the next month. After the cutoff, bills are applied to the following month. Negative values count backwards from the end of the month.

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