Use, view, edit, and deactivate payment terms

Overview

Payment Terms due dates are used for aging calculations on customer statements and AR (summary) reports. The aging calculation uses the due date field to bucket the invoices due into the appropriate buckets.

Use Payment Terms to add due dates to sales invoices.

• You can track the due dates of sales invoices to help you manage payment collection and disbursement accurately.

• You can set terms and due dates on your invoices to have accurate statements to ensure that your customers are aware of any past-due items.

• If you have an integrated accounting solution (for example, QuickBooks or Intacct), make sure that the names of terms used in ServiceTitan match the names used in your accounting software. For example, if you created a "custom" payment term, make sure you have the exact "custom" payment term in your accounting solution to avoid export errors.

Things to know

• You can only edit a term if it hasn’t been used or attached to any customers or invoices.

• You can only deactivate an option if the term is not set as default, either globally or individually, on a customer record. Deactivating a term still allows you to see the term on any historical invoice or bill. It won't be available as an option to select for invoices created going forward.

• Payment terms do not export to QuickBooks Online.

When using this feature

After you configure your ServiceTitan company account to use Payment Terms, you can see the following changes:

• All your existing invoices and customers now include a Due Upon Receipt term.

• All your existing invoices automatically show a due date equal to the invoice or bill date.

• For all existing customers, ServiceTitan asks you to validate the term. You can do one of the following:

  • Click Validate on the customer profile.

  • Click the pencil icon to change the default term for the customer. For more, see Set or change an individual customer default term.

Export payment terms

Payment terms export to your accounting software automatically only if you’re using the updated ServiceTitan Web Connector, edit invoices exported to QuickBooks Desktop, or using Intacct.

After exporting invoices to your accounting software, create the same term in the accounting software as you did in ServiceTitan. This ensures the exported invoice in the accounting software accurately displays terms and due dates. For example, if you create a Net 30 Term in ServiceTitan and your accounting software also has Net30, it accurately exports.

View payment terms

To view payment terms, go to the navigation bar and click Settings >  Invoicing > Payment Terms. From here, you can:

• View all active and inactive payment terms:

  • Active payment terms are the terms that are currently in use. Use these to create new invoices. You can also assign an active payment term as a default globally, at the customer level. For more information, see Set or change default payment terms.

  • Inactive payment terms are the terms that aren’t being used or are being used on old invoices. These can’t be assigned to any new invoices and can’t be used as a default globally.

  • For more on how to deactivate and reactivate a payment term, see Create payment terms.

• Create new payment terms. In the Payment Terms screen, click Create Payment Term.

• Update term preferences. Click the payment term you want to edit and make changes.

From the Payment Terms page, you can see a list of all your terms and preferences for each term:

• Name: Name of the term

• Customer Default: After you set the term it is included as the default term for new customers

• Duplicate: Click this to create a new term with identical settings; for more, see Create payment terms.

Edit or deactivate payment terms

To edit or deactivate a payment term:

1. Go to the navigation bar and click Settings   > Invoicing > Payment Terms.

2. Click the payment term you want to edit or deactivate.

3. Edit the Term Preference as needed or toggle Active to activate or deactivate the payment term.
   

   Note: You can only activate or deactivate a payment term if it is not set as the Default for Customer or Vendor.

   
   

4. When you’re done, click Save.

Want to learn more?

• See Create payment terms

• See Change payment term on an invoice or bill

• See Send customer statements

• See Set or change default payment terms