The below submodule will detail setting up your businesses payment terms within Odoo.

Creating Payment Terms

1. Navigate Accounting > Configuration > Payment Terms

2. Click on Create

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3. Fill in the following 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 finalized and completed