Solution
1. Navigate to Setup> Accounting> Accounting Lists.
2. Select Term on the Filter.
3. Click Edit on the desired term, then enable the Preferred checkbox.
4. Click Save.
Set Default Term for New Customer Records
1. Navigate to Setup> Accounting> Accounting Lists.
2. Select Term on the Filter.
3. Click Edit on the desired term, then enable the Preferred checkbox.
4. Click Save.