Dunning and Payment Terms define the rules with which accounts are processed and assessed penalties for overdue invoices. These include sending of email notifications, late fee charges on customer accounts, and other custom actions.
Payment terms are represented by a list of rules that will execute various actions on an account in LogiSense Billing or with an account so as to enforce a late invoice payment policy. As an example, payment terms may be defined to send emails, add late fees to accounts or cancel accounts altogether.
Actions can be specified on a default dunning rule with payment terms to take specific actions: e.g. sending a late payment email once 10 days past the invoice date has been reached.