A payment term is a condition or guideline under which you can make or receive a payment. You must include the Payment Term on the Invoice so your customers know that they must pay outstanding charges within a certain time. You can create multiple payment terms and even define the sequence in which each term is displayed on the Invoice.

With Conga Billing, you can define multiple payment terms. Click the Payment Terms tab on the console to see a list of predefined payment terms.

To define a Payment Term    

  1. Click the Payment Terms tab.
  2. Click New.
  3. Enter values for the fields described in the following table.                       

NameEnter a unique name for this payment term so that others in your organization can identify it with ease.
SequenceEnter a number to define the sequence in which this term is displayed on the invoice.

You can select one label from the following options.

  • Net 30 days
  • Net 45 days
  • Net 60 days
  • Net 90 days
  • Due upon Receipt

You can define more options in the Label object pick list. For more information see <Salesforce documentation>.

Offset TypeSelect the unit of a payment term, either day or month.
If you set day as the Offset Type and enter 20 as the Value, the Payment Term will be set to 20 days.
If you set month as the Offset Type and enter 1 as the Value, the Payment Term will be set to 1 month. 
ValueThe number of days or months in this payment term as selected in the Offset Type.      
Start TypeThe date, month or period, Payment Term is calculated from.
Start ValueThis defines the start date for a Start Type. Specify the date if you chose Month, Period or Quarter as the Start Type.
Offset OccurrenceFrequency associated with the Offset Type. For example, if an invoice is due on the second occurrence of 15th, Offset Type should be Specific Day and Offset Occurrence should be 2.
DescriptionEnter a brief description of the Payment Term.
Is DefaultSelect the check box to make this payment term the default for invoices for this account.
Offset Early Invoice Date (Days)

Enter the offset in days by which Billing must determine the ready for invoice date. 

By entering a value in this field and selecting the same Payment Term on the Billing Plan Line Item, you can select the Ready for Invoice Date beyond the start and end dates by the number of days configured in the Payment Term record. For more information, see Creating a Billing Plan.

    4. Click Save.

Let us take a look at a couple of scenarios to understand how you can achieve different configurations with the Payment Term fields.

Use Case 1

Requirement -Any invoice billed after the 20th of the month (21st to End of Month) will be due on 20th of the second month.
For example: Invoice dated Apr 11, should have the due date of June 20th

Start Type=Specific Day
Start Value=20
Offset Type=Month
Offset Value=2
Offset Occurrence= null

Use Case 2

Requirement -Any invoice billed in a month will be due End of Month, two months later.
For example: Invoice dated Jan 20, should have the due date of March 31st.

Start Type=End of Month
Start Value= null
Offset Type=Month
Offset Value=2
Offset Occurrence= null

Use Case 3

Requirement -All invoices billed in a Quarter ( i.e. Jan - Mar) will be due 20 days from the End of the Quarter.
For example: The due date for all invoices in the period Jan 1st to March 31st will be April 20th.

Start Type=End of Quarter
Start Value= null
Offset Type=Day
Offset Value=20
Offset Occurrence= null