When it comes to payment terms in Sharper, there is a tiered logic that determines which terms apply in different situations. Getting familiar with this hierarchy will help you set up and manage payment terms effectively.
Global Payment Terms
At the top is the Global Payment Term, set in Company Settings under Default Payment Terms. This acts as the default if no other terms override it.
Product & Meter Read Payment Terms
Next in the hierarchy are Product/Meter Read Payment Terms. Set these under the Booking Setup tab when editing a Product. The terms here will apply to any reservation using the product, overriding the Global term.
Pro tip: If you've already created reservations before setting the terms here, you'll need to manually update each reservation under Accounting to apply the new terms.
Reservation Payment Terms
Next in the hierarchy are Reservation Payment Terms for long-term and seasonal reservations. These terms should be configured under the Accounting section of the reservation form. It's important to note that the terms will be populated automatically from the product setup, but they can also be manually overridden if needed on a one by one basis.
Customer Payment Terms
Finally, the most specific level is Customer Payment Terms, configured under Payment Settings on the Customer record. Use these to give certain customers different terms from your defaults, like 30 day net or Due Upon Receipt for slow-paying accounts. These will override the Product and Global terms when that customer is involved.
Understanding this tiered logic will help you wield payment terms as a strategic tool in Sharper. Set reasonable defaults globally, customize for specific products when needed, and fine tune for individual customers.