Setting up Payment Terms

Learn how to create a default payment schedule for your events. Payment Terms can automatically calculate your invoice due dates and amounts.

Payment Terms are used to raise invoices in iVvy. You can create multiple payment terms in your venue that have default deposit, payment, and balance amounts and schedules. 

Payment terms can then be added to a quote or booking at any stage of the sales cycle.

To set up payment terms for your venue:

  1. Navigate to Setup > Billing & Taxes > Payment Terms

  2. Click on 'Add Payment Term'

  3. Give your term a name and a description and select if you would like this to be the default payment term that is applied to all bookings.
    Note: You can always change the selected payment term when adding in a new quote or booking, or changing the status of a booking from prospective to tentative.

  4. If your venue has the Accommodation module turned on, you can select if you wish to split the debtors from one single debtor, to one debtor for the accommodation charges and another debtor for all room hire/rental, catering and resources.

  5. Click on the 'Items' tab

  6. Click 'Add Item'. You will have the following options:

    • Deposit - This can be set as a % of the total booking value or a fixed amount. The deposit can be due X days after the invoice is generated or X days before the event date

    • Payment - This can be set as a % of the total booking value or a fixed amount. A payment can be due  X days before the event date

    • Balance - This will create an invoice for the total amount still outstanding after all previous invoices have been marked as paid. The Balance can be due X days before OR after the event.

      If you have selected multiple debtors for this payment term, the above items will be available for both Accommodation and Catering, each with their own payment schedules for each item.

  7. Add in all of the items for this payment term and press SAVE. Repeat these steps for each additional payment term.

Creating Payment Terms