terms for vendors

For an single company, go into your Vendor Center and Double Click on the one you want to change (or Right Click and then choose Edit Vendor).

The second item on the left should be Payment Settings and on that screen below the Acct# you should see Payment Terms.  Click on the Drop Down Menu and then on  <Add New>.  You can setup to pay within X number of days, or set up a Date Driven option.

If  you want to set up Terms that will appear in the Drop Down for all Vendors, Go to Lists in the Top Menu Bar.  Then go to Customer & Vendor Profile List and then to Terms List.  Hit Ctrl/N or there's a Drop Down Menu at the bottom to create a New Term as you did for the individual Vendor above.

Thank you for your response however I'm not sure you understand.  I've tried setting up a Standard due in 30 but that's incorrect, I've tried Date driven, but there is not discount available to enter and it won't save it if that's the fact.  Also, if I have an invoice dated 6/30/22 for a vendor its due 7/10/22 or 7/20/22 depending on the vendors terms no matter what.  I want to create a terms that will apply to individual vendors whatever their terms are instead of me trying to remember which terms go to which vendor and manually entering it in with the bill.   

Yes, it should work that way... 

Edit Vendor and crate a new Term  (Bob's Due By 20th)

Click on Date Drive and then in the next line Net due before the ___th day of the month put in the 10th or the 20th.

When a new bill comes in and you enter it, pick the above Terms from the Drop Down Menu.  QBs should then ask you if you want to make it the Default. 

I also edited my original comment.  If a lot of the Vendors have the same payment date you can set up a Term that will be available when entering in a bill to any vendor.  You don't need to go in to each Vendor to create the same payment date.

Pete-  I have already set up a Date Driven term called net 10th,prx.  For the first line I have net due before the 10th day of the month.  The next line is Due the next month if issued within xx days.  I set that up for 25, however, QB moves any invoice dated after the 25th to the following 10th of the following month.  For example: 6/25/22 dated invoice, QB then sets the date due to 8/10/22.  This is incorrect, that invoice is due 7/10/22 matter what.  Do you have suggestions on how to fix this?

That sounds like a BUG that you should report to QBs.  Help Menu > Send Feedback > Bug Report 

I don't use this feature, so I've not seen the issue.  I would have thought it would work the way you do.  If it's any time before the 10th, it should set the Due Date to the 10th.

And have you had the Date Terms set for very long?  I'm wondering if it's just the system getting caught up with the new settings.  Maybe if the old settings were Net 30, QBs sees the Due Date past the 7/10 already, so the next "10th" would be 8/10.  (No real idea... just thinking through what the code may be calculating.)

I'm having the same issue.  Did you ever get a resolution to this issue?

Hello there, @Ken_WBD. I appreciate you raising your concern here in this forum.

Were you trying to set your payment terms to a specific date despite when the invoice was made in QuickBooks Desktop (QBDT)? If so, you can use the Date Driven option when creating the payment term. Let me guide you through the steps on how:
 

1. In your QBDT file, go to the Lists menu, then select Customer & Vendor Profile Lists.
2. Choose Terms List.
3. Click on the Terms dropdown, then select New to create a new one. Note: If you have already created one, kindly choose the term to edit.
4. In the Date Driven section, enter the specific date you want to set for the transaction due in the Net due before the __th day of the month field.
5. Enter 0 in the Due the next month if issued within __days of due date. Note: By entering 0 in this field, it will set the transaction net due to the specific date regardless of when the entry was made. 
   For example: The net due was set to the 10th day of the month. The bill was created on 06/08/2023, since the Due the next month if issued within __days of due date was set to 0, the bill due date will show 06/10/2023 in the same month.
   
   
    
6. Once ready, click on OK.

For detailed information, kindly visit: Set up payment terms.
 

See the image below for visual reference:



Moreover, you can add a default payment term to your vendors in their profile. Here's how:
 

1. In your QBDT file, go to the Vendors menu, then select Vendor Center.
2. Double-click the vendor you want to set a payment term.
3. In the Payment Settings tab, choose a Payment Term. Note: Only one payment term can be set for vendors.
   
   
    
4. Once ready, click on OK.

On the other hand, if you want to change the term for a one-time occurrence, you can manually do so on the transaction page. See the image below for visual reference:



Additionally, I'll also share this link where you can browse for articles that can guide you to manage your suppliers: QuickBooks Desktop Help Articles for Expenses and Vendors.
 

Feel free to leave a reply if you require further assistance with setting your payment terms in QuickBooks. The Community team always has your back. Have a good one.

Hi DHeraV,

I'm using QBO.  Using the 0 as the vaule in "Due the next month if issued within __days of due date" doesn't fix the problem.  Any other suggestions would be great!

I'll share additional insights about how payment terms work in QuickBooks Online, Ken_WBD.

The Due the next month if issued within option is only used to manage situations where invoices or bills are created shortly before the deadline. When the transaction is generated within the specified number of days, payment is not due until the subsequent month.

To ensure that all entries display a specific due date, regardless of their creation date in the previous month, please make sure to enter the correct value in the Due by certain day of the month field. Then, leave the others blank.

If the date-driven terms still don't work, we can perform some troubleshooting procedures. Occasionally, outdated accumulated site data within the system can lead to unexpected behaviors.

Let's start by accessing your company through a private or incognito window. Utilizing this mode prevents internet files from being stored. Here are the keyboard shortcuts:

• Google Chrome: Ctrl + Shift + N
• Mozilla Firefox: Ctrl + Shift + P
• Safari: Command + Shift + N

If that works, go back to your regular browser. Then, clear its cache and cookies to start over fresh. This should prompt the system to fetch the most recent data. Alternatively, we can switch to other supported browsers.

Additionally, here are some articles that you can read to help manage your vendors and track all money you've paid to them:

• Add or deactivate vendor
• Run a report with vendor totals

Do you have any other product questions in mind? Feel welcome to post them below. You can rely on me to be responsive to your needs and concerns.

I'm not using the desktop version.  I'm using Quickbooks Online.

Thanks for getting back to us, Ken_WBD.  I hope this post finds you well.

I want to inform you that I have taken the time to update the steps mentioned earlier for QuickBooks Online based on your specific needs. My goal is to provide you with the most accurate and tailored guidance to help achieve your goals effectively.

Should you have any further questions or require additional assistance, please feel free to reach out to me directly. I'm here to support you every step of the way.

I have the same issue. I have a vendor that, regardless of the date, the bill is due by the 10 of the following month. Example: bill created any date in February, bill is due by March 10th. I don't see a way in quickbooks to set this up so I too need help with this. Thanks

Thanks for getting involved with this thread, robins196.

If you've already performed Pete_Mc and DHeraV's recommended steps, but your vendor terms still aren't working properly for how you set them up, I'd recommend getting in touch with our Customer Care team. They'll be able to pull up your account in a secure environment, conduct further research with you, and create an investigation ticket if necessary.

They can be reached while using QuickBooks.

Here's how:

1. In your top menu bar, go to Help, then QuickBooks Desktop Help.
   
   
    
2. Click Contact Us.
   
   
    
3. Enter a brief description of the issue in our Ask a question (or tell us what's wrong) field, then hit Continue.
   
   
    
4. Select We’ll contact you for a callback or Message Us to start an instant messaging session.

Be sure to review their support hours so you'll know when agents are available.

Please feel welcome to send a reply if there's any additional questions. Have a great Thursday!