Purpose
Add sales and vendor terms to this list to automatically calculate due dates, discount dates, and discount percentages in invoices and bills.
Access Path: Gear Icon > Company > Terms
Terms List View
Header Options
| Option | Description |
|---|---|
| Default Terms | Dropdown of the configured Payment Terms below. Sets the system-wide default term applied to new invoices and bills. |
| "+" Button | Add new term. |
Column Headers
| Column | Description |
|---|---|
| Payment Terms | Term name (e.g., "Net 30", "2% 10 Net 30"). Free-text — the term name itself carries the payment conditions, there is no separate Days Due field visible on the list. |
| Discount | Associated discount percentage. Blank if the term has no discount. |
| "QB" Icon | Green circular icon shown next to a term row — indicates that term is linked/synced with QuickBooks. |
| "🗑️" Button | Remove selected term. |
Creating & Managing Terms
How to set up payment terms for invoices and bills
To create a new payment term:
- Click the "+" button in the Terms header to open the new term form.
- Enter the Term Name - Use a descriptive name like "Net 30" or "2% 10 Net 30".
- Configure Discount (optional) - Enter a Discount percentage if offering early payment discounts.
- Save the term to add it to your available options.
| Term Name | Days Due | Discount | Description |
|---|---|---|---|
| Due on Receipt | 0 | None | Payment due immediately upon receipt of invoice. |
| Net 15 | 15 | None | Payment due within 15 days of invoice date. |
| Net 30 | 30 | None | Payment due within 30 days of invoice date. |
| Net 60 | 60 | None | Payment due within 60 days of invoice date. |
| 2/10 Net 30 | 30 | 2% if paid in 10 days | 2% discount if paid within 10 days; otherwise full amount due in 30 days. |
| 1/10 Net 60 | 60 | 1% if paid in 10 days | 1% discount if paid within 10 days; otherwise full amount due in 60 days. |
The Default Terms setting determines which payment term is automatically applied to new invoices and bills when no specific term is selected.
To set default terms:
- Click the Default Terms dropdown in the Terms header.
- Select your preferred default term from the list.
- The selected term will automatically apply to all new invoices and bills.
Terms can be synchronized with QuickBooks or other accounting systems. When terms are imported from an accounting system:
- A "QB" icon appears next to the term name in the list.
- Imported terms maintain consistency between TRUE and your accounting software.
- Changes made in QuickBooks can be synced to TRUE during the integration process.
Frequently Asked Questions
Common questions about payment terms configuration
Usage & Application
When you select a term on an invoice or bill, TRUE automatically calculates the due date based on the invoice date plus the number of days specified in the term.
Example:
- Invoice Date: December 1, 2025
- Term: Net 30
- Calculated Due Date: December 31, 2025
For discount terms like "2/10 Net 30", the system also calculates the discount deadline (10 days from invoice date) and displays the discount amount available if paid early.
Yes, you can change the terms on an existing invoice as long as it has not been posted or synced to your accounting system. When you change the term, the due date will automatically recalculate based on the original invoice date.
Yes, client-specific default terms can be configured in the Client record. When creating an invoice for that client, their preferred terms will be automatically selected instead of the system default.
To set client-specific terms:
- Navigate to the Clients module.
- Open the client record.
- Locate the Default Terms field.
- Select the appropriate payment terms for this client.
Management
Deleting a term does not affect existing invoices or bills that already use that term. The term name will remain on historical records, but will no longer be available for selection on new invoices or bills.
Yes, the same terms list is used for both customer invoices and vendor bills. This provides consistency in payment term management across your accounts receivable and accounts payable processes.
You can set different default terms for invoices (system-wide or per client) and for vendor bills (per vendor record).