Payment terms - net due the 15th of following month

bowtie_david · ‎October 07, 2021

I'm being asked to set up terms in Quickbooks Desktop and need some help getting it right.

For example: All invoices created in January should show a due date of February 15th, regardless of what day in January they were created. So when we print statements on February 1st, anything from January would show in the "Current" due column, and anything before January would show 1-30 days aging, etc...hope that makes sense.

I tried setting this up as date driven, Net due before the 15th, due next month if issued within 15 days of due date... but that didn't have the expected outcome. Invoices that should have been in the Current column were showing 30 days past due. Help!?

BigRedConsulting · ‎October 07, 2021

I set the terms up as I figured I should and it worked perfectly. Then I saw your screenshot - which is exactly how I set up the terms I tested with. What doesn't work when you try it on an invoice?

Note you can turn on the due date field in the layout designer so you can see what it's doing. As I adjusted the invoice date, the terms updated just as requested. They should for you as well:

View solution in original post

BigRedConsulting · ‎October 07, 2021

I set the terms up as I figured I should and it worked perfectly. Then I saw your screenshot - which is exactly how I set up the terms I tested with. What doesn't work when you try it on an invoice?

Note you can turn on the due date field in the layout designer so you can see what it's doing. As I adjusted the invoice date, the terms updated just as requested. They should for you as well:

bowtie_david · ‎October 07, 2021

I tried again and it does show correctly for me as well. Our A/R person said the other day that when she printed statements, the Currrent, 30 days past due, etc... columns were not accurate and I thought I had checked that too, but in any case, this does seem to work as you described. Thanks for confirming that the setup is correct. I'll check the statements at the end of this month and see if maybe she's doing something wrong in the statement window. Thanks again!

BigRedConsulting · ‎October 07, 2021

Note that if you use the terms on invoices and then edit the terms record, the due dates on existing invoices won't change. Could that be what you're seeing?

If you have invoices with incorrect due dates, you can fix them now by editing them, changing the terms item, and then changing it back.

Fiat Lux - ASIA · ‎October 07, 2021

@bowtie_david

Are you using QBD Pro/Premier? How big is the file size? Run the Verify/Rebuild Data utility to check your file.

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Payment terms - net due the 15th of following month