Applying Installment Plans

• 23/10/2024
• 6 minutes to read

If a customer requests to divide the payment of an invoice into installments, the Installment module in Continia Finance can facilitate this process quickly and efficiently. You can also implement installments using templates for various document types, including purchase orders and invoices. This article provides step-by-step instructions on setting up installment plans for both customers and vendors, as well as how to apply them to purchase orders and existing ledger entries.

To set up an installment plan for a customer or vendor

To automatically offer a customer or vendor the option to pay using a specific Installment Template on every invoice, you can assign the template directly to the customer or vendor card. This allows the customer or vendor to pay in split payments for every invoice they receive.

To add an installment plan for a customer or vendor:

1. For example, choose the icon, search for Customers and select the related link.
2. Open the customer card of the customer you want to assign an installment template to.
3. On the Customer Card, navigate to the Continia Finance FastTab, Under the Installment Payments section, in the Installment Template field, select the desired template. From now on, whenever you send this customer an invoice, the installment template is applied automatically.

To set up an installment plan on orders or invoices

If you want to offer split payment options in a purchase order or a sales invoice, for example, you can set up an installment plan.

To set up an installment plan on an order:

1. For example, on the Purchase Order page, on the action bar, select the Continia Finance tab.
2. Select Installment Plan.
3. On the Installment Plan page, you can either manually enter details for a one-time installment plan or choose a predefined installment template by selecting Use Template from the action bar.
4. Once the installment plan is set up, you can preview the installment plan consequences by selecting Post > Preview Posting.
5. Post the order.

To set up an installment plan on an entry directly

In addition to purchase orders and invoices, Continia Finance allows you to create installment plans for any existing vendor or customer ledger entry. This flexibility is useful when you want to apply installment payments after a transaction has been booked.

To set up an installment plan on an entry:

1. For example, open the Vendor Ledger Entries page, and, in the action bar, select Continia Finance > Installment.
2. On the Installment Plan page, enter information for split payments with a one-time installment plan – or select an installment template by selecting Use Template in the action bar.
3. In the action bar, select Post.
4. On the Installment Plan page, enter the split payment details for a one-time plan or select an installment template by choosing Use Template from the action bar.
5. Once the installment plan is set up, select Post in the action bar.
6. A confirmation message appears: Do you want to create Installment Entries? Select Yes. The system automatically closes the original entry and generates the installment entries.

To delete an installment plan

To delete an existing installment plan:

1. Choose the icon, search for Installment Plan and select the related link.
2. On the Installment Plan page, select the installment plan you want to delete.
3. In the action bar, select Delete.
4. In the popup that appears, select Yes to confirm the deletion.

To view an installment plan

To view the terms of a customer's installment plan:

1. Choose the icon, search for Customer Agreement of Installment and select the related link.
2. On the Options FastTab, select a document type, document number, and, optionally, the reminder terms code related to the installment agreement.
3. You can then share, print, or preview the installment plan.