PaymentTerm

Defines your company’s method and expectations for receiving payment.

Timely payment helps your company maintain cash flow. Payment terms are used to determine the payment due date on invoices. Use with the PaymentTermItem object.

Introduced in API version 55.0.

create(), delete(), describeLayout(), describeSObjects(), getDeleted(), getUpdated(), query(), retrieve(), search(), undelete(), update(), upsert()

  • This object is available with Subscription Management and Billing (Revenue Cloud).
  • For information about this object that’s available with Billing (Revenue Cloud), including its special access rules, see the Revenue Cloud Developer Guide.
  • Type: textarea
  • Properties: Create, Filter, Group, Nillable, Sort, Update
  • Description: User-defined field that describes the payment term. For example, use Net 30 to describe a payment term where the payment is due within 30 days of the billing date.

  • Type: boolean

  • Properties: Create, Defaulted on create, Filter, Group, Sort, Update

  • Description:

    Indicates whether this payment term is the default term for your org. A default payment term must be defined in your org.

    The default value is false.

  • Default value: false

  • Type: string

  • Properties: Create, Filter, Group, idLookup, Sort, Update

  • Description:

    The name of the payment term. For example, Net 30 or Cash on delivery (COD).

    This name appears on the invoice.

  • Type: picklist

  • Properties: Create, Defaulted on create, Filter, Group, Restricted picklist, Sort, Update

  • Description:

    Indicates whether the payment term is available for use on invoices.

    The default value is Draft.

  • Possible values:

    • Active — Active — The payment term is available for use and can be applied to an order. Only active payment terms can be applied to transactions or orders.
    • Draft — Draft (default) — The payment term exists but isn’t activated yet.
    • Inactive — Inactive — The payment term exists but can’t be applied to new transactions or orders.

  • Default value: Draft

A payment term is applied to an order or transaction, and is passed on to the billing schedule that’s used to generate the invoice. The due date on the invoice is derived from the payment.

For example, a Net 30 payment term means that the customer has 30 days to pay from the invoice date. Suppose that an invoice with a Net 30 payment term is generated on January 1. The invoice date is January 1, and the due date is January 31 (1 + 30 days = 31).

This object has the following associated objects. If the API version isn’t specified, they’re available in the same API versions as this object. Otherwise, they’re available in the specified API version.