Najeeb Siddiqui wrote: When editing / adding the Payment terms, the system issues a start date ( Current Date ) can this be changed to a previous date if not why so?

The date you are looking it is the create date of the payment term.  It does not let you change that date.  (My guess is there is/was a future plan to make that date the "effective date" but the plan has not been implemented yet)

Najeeb Siddiqui wrote: What do we need to do to upgrade the payment terms of existing customers from let's say 45Days to 30 days? I have added a couple of different payment terms but they are not shown in the individual customer information ... only the ones which were there when the customer was created are shown in the drop-down menu .. 

Under Banking / Setup / Payment, there is "term" and "group".  The "Term" is all possible payment terms.  The "group" are groups of payment terms which you can assign to customers.

It seems you added a payment term, but you did not add that payment term to the payment group connected to the customer you are looking it.

Be aware the payment term group setting is under the customer Ship-To setup tab, as each different Ship-To could have a different payment terms group.

David Nelson
Dynamic Enterprise Technologies Inc
Seattle | Portland | Los Angeles
www.dynenttech.com

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