Commonly used invoice payment terms and their meanings
This list explains many of the terms commonly used on invoices.
Invoice payment terms:
- Net monthly account- Payment due on last day of the month following the one in which the invoice is dated
Net 7-Payment seven days after invoice
Net 10-Payment ten days after invoice
Net 30-Payment 30 days after invoice
Net 60-Payment 60 days after invoice
Net 90-Payment 90 days after invoice
EOM-End of month
21 MFI-21st of the month following invoice
1 per cent 10 Net 30-1 per cent discount if payment received within ten days otherwise payment 30 days after invoice
COD-Cash on delivery
Cash account-Account conducted on a cash basis, no credit
Letter of credit -A documentary credit confirmed by a bank, often used for export
Bill of exchange-A promise to pay at a later date, usually supported by a bank
CND-Cash next delivery
CBS -Cash before shipment
CIA -Cash in advance
CWO -Cash with order
1MD -Monthly credit payment of a full month's supply
2MD -As above plus an extra calendar month
Contra-Payment from the customer offset against the value of supplies purchased from the customer
Stage payment-Payment of agreed amounts at stages
3 comments:
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Invoice template
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