When creating invoices and invoice schedules you will need to enter payment terms that are used to determine the invoice due date. You can also include one or two taxes on each line item in your invoice.
You can enter payment terms while creating invoices or select a specific Due Date instead of using pre-defined terms. For invoice schedules, you can define payment terms while entering the schedule. Taxes can be entered while entering invoices or invoice schedules, or you can opt not to use them at all. However, the Settings--> Configuration--> Terms and Taxes screen is the only place where payment terms and taxes can be edited or deleted.
The following sections provide quick-start instructions for setting Payment Terms and Tax rates. See Invoice Terms & Taxes in Chapter 8 for detailed instructions for both these features.