Streamline Business Payments with Empress Payment Terms Templates

Guides & Tutorials
1

Introduction

Welcome to this guide on the Payment Terms Templates in Empress! This feature allows you to manage and streamline your business payment processes more efficiently.

Payment Terms Templates enable you to group different payment terms together and apply them automatically to transactions. This feature is tremendously useful if you have a standard set of payment terms or if you want to simplify your payment processes.

As a business user, once you’ve created a template, you can assign it to a specific Customer or Supplier. The system will then automatically apply this Payment Terms Template whenever you select that Customer or Supplier in a transaction. This eliminates the need for manual entry and ensures consistency in your payment terms.

Let’s get started with how to create and apply a Payment Terms Template in Empress.

Prerequisites

Before you start, make sure you’ve created your individual Payment Terms.

Creating a Payment Terms Template

  1. Go to the Payment Term Template list in your Empress interface.
  2. Click on the ‘New’ button to create a new template.
  3. Enter a name for your template.
  4. Add the Payment Terms you created earlier to the table rows.
  5. Ensure that the total Invoice Portion adds up to 100%. This means that the payment terms cover the entire value of the invoice.
  6. Click ‘Save’ to store your new Payment Terms Template.

Applying Term-Based Payment Allocation

For more control over your payments, Empress offers the ‘Allocate Payment Based On Payment Terms’ feature. When you enable this feature on your template, any payments made against the Invoice will be allocated according to the terms defined in the template.

To enable term-based payment allocation:

  1. Open your Payment Terms Template.
  2. Check the box for ‘Allocate Payment Based on Payment Terms.’
  3. Save your changes.

Now, whenever you create an invoice using this template and make a payment against it, the payment will be distributed according to the terms specified in the template.

In conclusion, the Payment Terms Templates feature in Empress helps you standardize your payment processes and ensure precise payment allocation for every transaction. This not only saves time but also reduces errors, making your business operations smoother and more efficient.

For further assistance or more information, feel free to contact our support team or visit our online resources. Happy streamlined business managing with Empress!