Can we create a new payment term for bills in quickbooks online? The standard options in the drop down list do not suit us.

Yes, you can make a new payment term for the bill that suits your needs, sharlien. There are two ways to do so, and I'll show you the process.

First, let's establish specific terms for a vendor through the Lists. Follow the steps below:

1. Go to the Gear icon and select All lists under the Lists column.
2. Click the New button.
3. On the New Term window, enter a Name and choose between Due in fixed number of days, Due by certain day of the month, or Due the next month if issued within.
4. Tap Save.

Another way to achieve this is by opening a bill entry or creating one. From there, you can select the +Add new under the Terms field and set it up accordingly. Here's a screenshot for your reference:

Once done, you can enter and manage bills and bill payments in QuickBooks Online.

You might also consider running and customising reports in QuickBooks Online to oversee the bills, payments, credits, and more.

If you require further help with managing payment terms or handling bills, please feel free to reach out. For questions about reports, I'll also be around to offer a helping hand.