The Terms profile list serves as a storehouse for all payment terms you accept from your various customers.

It ties directly to your Term drop-down list from your Sales Order, Sales Quote, and Ship Doc transaction forms:

To add a new payment term, just choose Save & New from the tab's Save tool. Then enter a name, and choose a Term Type. By default all the term type are set to 'Accounts Receivable'. Changing the term type will notify the system that you want to be able to take payment in All Orders. The following are the different types of terms you can setup:

As with other profile list items, you can set Term is inactive if you want to keep the term, but don't wish for it to appear in the drop-down list when filling out your transaction form.