When payment is due, counted from the invoice date. Due on receipt means now; net 30 means thirty days. Homeowners generally pay on completion and other trades generally do not, which is why a residential contractor working as a sub suddenly discovers a thirty- or sixty-day wait they never agreed to out loud. The terms belong on the quote as well as the invoice, because that is when they can still be argued about.
In FieldQuo — Your terms on every document
FieldQuo attaches your payment terms and contract wording to the documents you send, so the terms are on the quote and not just on the invoice.
Related terms
- InvoiceThe document that asks for the money, listing what was done, what it costs, any tax, and when payment is due.
- Accounts receivableThe money that has been invoiced and not yet paid, usually sorted by how long it has been outstanding.
- Cash flowThe timing of money coming in and going out, which is a separate question from whether the work is profitable.
- ContractThe agreement between you and the customer about what will be done, for how much, and on what terms.
Every document in your name, not ours
Quotes, invoices and scheduling for field-service businesses. Your first 14 days are free — your card isn't charged until they end.
Start free trial