Click System Configuration
Click Manage Payment Term
By default, there will be a list of system-generated common Payment Terms.
If you have an additional Payment Term that is not inside the list, click Create New
Name: Enter a name for this payment term
Pay In: number of days this payment term is
Once done, click Create
The payment term created will appear here in the List Of Payment Terms.
Manually created payment terms will indicate it is updated by which user, and the time of update.