Payment Terms : CM+15D set up

New to NAV and an absolute novice…

Our company payment terms are current month + 15 days, meaning what ever is invoiced between 1-30 of every month, becomes payable / due by the 15th of next/following month.
Can any one help me set this up in NAV 2013 R2.

I created new terms in the payment terms table, Its not working… shows default payment terms i.e. 0Days

Please help.

Your formula looks correct to me. Have you assigned the new Payment Term Code to the customer? You could manually update the payment term code from orders as well. By entering Document Date, with this payment term code, you could verify the Due Date.

Is “CM+15D” just the code-value? Did you also enter into the date formula of the payment term?