Payment types are used to identify clients that are invoiced on different billing cycles.
Payment types are also used to set a default invoice due date at the time of raising an invoice.
Adding Payment Types; click “Add New Payment Type”, enter a description and click “Create Type”.
Amending Payment Types; click on the payment type you want to amend, make the changes to the information in the middle of the screen and then click update.
Deleting Payment Types; You can delete payment types at any time but in doing so you will no longer be able to identify clients who were assigned the payment type that you have deleted.