When net terms are pulled from your accounting software, we read them as text and convert them into numbers. Depending on how your net terms are written, they may be converted in a different way.
If your current terms look like this: | Examples | We’ll read as: | Example Invoice Date: | Example Due Date: |
Net <days> | Net 10 Net 10 days | Number of days after the invoice date | 12/01/2024 | 12/11/2024 |
n <days> | n 10 | Number of days after the invoice date | 12/01/2024 | 12/11/2024 |
x% n net <days> | 2% 10 net 30 | Number of days after the invoice date | 12/01/2024 | 12/11/2024 |
<days> | 10 10 days | Number of days after the invoice date | 12/01/2024 | 12/11/2024 |
Due on receipt | Due on Receipt | Same as invoice date | 12/01/2024 | 12/01/2024 |
EOM <days> | EOM net 10 eom 10 | Number of days after the last day of the invoice month | 12/01/2024 | 01/10/2025 |
<days> next month | Net 10 next month 10th of following month | Day of the following month | 12/01/2024 | 01/10/2025 |
<day> of month | 10th of month 10th | The next time that day occurs (could be current or next month) | 12/01/2024 | 12/10/2024 |
| D + <days> format | D30 | Days from invoice date | 12/01/2024 | 12/31/2024 |
| F + <days> format | F15 | Specified day of the month (eg. F15 = 15th of current/next month) | 12/01/2024 | 12/15/2024 |
If you are curious as to why net terms are important, check out our other article: How does Ottimate determine the due date of an invoice?
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