Hi guys, any advice on how I can set up payment terms for next month end of month. For example, if invoice date is 12th November, then the due date should equal 31st December.

You'd need to setup a term that encapsulates it like "End of Next Month" and do the calculation yourself for setting the invoice due date if the "End of Next Month" term is selected. Otherwise, you only get the few options that the term setup gives (static count of days until due) you which doesn't fit your scenario.

When you say "do the calculation yourself", you mean through a means of a workflow? Thanks man

There is a free bundle for this, I think. But it's essentially based on a workflow, if I remember it right.

Have a look at bundle # 34958 but it's basically just a workflow that sets the due date with a formula like

ADD_MONTHS(LAST_DAY({trandate}, 1))

You'd need to add your month first then go to the last day if this doesn't do that appropriately or you're going to be off a day or more in some cases. If you do last day then add a month, some months like Feb are shorter and your due date will be off. I'm not 100% sure how it handles that i'd have to test (I use moment 99.99% of the time for stuff like this)