The below submodule will detail setting up your businesses Payment Terms within Odoo

Create Payment Term

1. Navigate Accounting > Configuration > Payment Terms.

2. Click on Create.

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3. Fill in the fields. 

• The Description on the Invoice is the displayed text on a sale order, invoice, or bill. 
• Add a set of rules, that we call terms, to define what needs to be paid, and by which due date. 
• Specify the number of days or exact date based on what you've chosen as the due date's basis. 

Note: If the vendor offers a discount for early bill settlement, indicate the Discount % (Type - Percent) and the date of the month or the number of days after the invoice (depending on the chosen due date basis) when the discount will apply. 

4. To Add a term, click on Add a line, this will then open the Terms Menu for you to add the details and specifics of the Payment Terms. 

• Type: Numeric Category Type of Payment Term
• Value: Applicable for Percent (%) and Fixed Amount ($) 
• Due Date Computation: Dating aspects of the Payment Term Dues 

8. Click Save once the Payment Terms have been finalised and Completed.