Xero allows you to add payment due dates on invoices to match the terms you give your customers. It could be you require immediate payment, at the end of the month, 30 days from the invoice date or even the end of the following month .. ...
Xero has settings you can change to prepopulate this depending on the needs of your company, or you can set up special instructions for individual customers. First, you need to understand the options for setting up the dates.
- If you send a quote on 4 May with an expiry date 0 days after the end of the invoice month, the quote expiry will be 31 May
- If you send an invoice on 15 April with a due date 6 days after the end of the invoice month, the invoice will be due on 6 May
- If you send an invoice on 20 June with a due date 31 of the current month, the invoice will be due on 30 June
If the 'due' field is left blank, and you select the following month or of the current month, Xero will not create a default due date. You can set up default dates for your whole company by going to Settings, then Invoice Settings, then click on Default Settings, and then choose one of the options.
If you have an individual customer or supplier who has negotiated specific terms which are different to your default terms, you can find them in the Contacts menu and edit their record, then scroll down to the financial details page and change the invoice due dates for either supplier bills or customer invoices to reflect specific terms.
When you change any of these, they will be used instead of your default terms.
If anything I've written here resonates with you, call me on 01604 420057 and let's see how we can help you.