Payment Terms

Payment terms dictate a due date for invoices. They are calculated out from the Invoice date (or Accounts Receivable date). For instance, a bill created on the 8th of January with a payment term of 14 days would be due on the 22nd of January.

To set a default payment term for all invoices go to Admin > Accounting > Accounting system preferences and scroll down to payment terms. 

Select default payment terms to be applied to new invoices. Select Create new payment terms to define a term unavailable by default. Select any term to edit. 

Payment Terms on Bills

By default, the payment term set in Billing Settings will be selected for the bill.

This will set a default but you can change the terms against an individual invoice when creating an invoice if you would like to deviate from the default.