System Wide Default

When specifying invoice format and layout options on a project, this field will indicate if a particular payment term should be selected by default.   

It is not required that you specify a Payment Term to be a System Wide Default, however, you can only have one Payment Term defined as the System Wide Default if using this feature.

Changing which Payment Term is currently defined as the System Wide Default will have no impact on any existing project invoice settings, as this value is only referenced upon initial creation of the project billing setup.