Inspect Point uses a "payment terms hierarchy" to determine which payment term to use on an invoice.
First, it is important to understand that each invoice in Inspect Point can be tied to a building or to an account (not necessarily a building). Later, we will explain where your default payment term comes from, if, for example, you didn't tie an invoice to a building.
You can set your default payment term in Invoice Settings. However, you can also set an "override" default term on buildings, and on accounts. Here is how default payment terms are assigned:
- If there is no payment terms override set, the default payment term (set in Invoice Settings) will be used
- If there is an override set on the account (and no override on the building) the account payments term is used
- If there is an override set on the building, the building payment term is used
Essentially, if there is a Building Payment Term, that is ALWAYS used – it overrides the Account, and Company Default Payment Terms. If there is no Building Payment Term but there is an Account Payment Term, the Account Payment Term is used.
Finally, if there are no Building or Account Payment Terms, the Company Default Payment Term is used. Note, if no Company Default Payment Term is set, the default term will be “Due On Receipt.”
Setting Your Company Default Payment Term
To set your Company Default Payment Terms, navigate to Settings → Invoice Settings. At the end of the first section titled “General,” you will see a dropdown titled “Default Term.” From here, you can choose any of the existing options - NET 15, 30, 45, 60, 90, Due On Receipt, or Choose Default Term.
Any of the NET options, as well as Due On Receipt, will appear automatically in future payment terms on invoices. By selecting Choose Default Terms in your Invoice Settings, you’re electing to pick payment terms for each invoice going forward. As such, there will be no pre-filled term in invoices if you select this option from Invoice Settings.
Setting Your Account Default Payment Term
To set your Account Payment Term, navigate to Account → Edit → Enable Override. Once overridden, you may enter your desired payment term.
The Account Default Payment Term will override the Default Term set in your Invoice Settings should you activate it. Remember, if you do not set an Account Default Term, the default term on your invoice will come from the Default Term in your invoice settings.
Setting Your Building Default Payment Term
To set your Building Default Payment Term, navigate to Building → Edit → Enable Override. Once overridden, you may enter your desired payment term.
This rate will override both the Account and Company Default Payment Terms.
You can revert back to either the Account or Default Payment Terms by unchecking the override button on the Building and Account pages.
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