Christian Wagner
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48 votesChristian Wagner
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18 votesChristian Wagner
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An error occurred while saving the comment Christian Wagner
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We really need this feature, as almost all of our customers are paying in installments. Quickbooks Online has progress invoicing which is a similar idea, but applies more to projects which are paid by progress. A better implementation I have seen is from "Invoiced" which explains it very well. I would like to see this in ZOHO Books:
[...] Payment plans allow your customers to agree to make installment payments to you within a specified timeframe.
How it works: A payment plan can be understood as an extension of the invoice due date. Typically an invoice has payment terms, such as NET 7. For example: An invoice billed on October 1 has a full balance due on October 8. Rigid due dates are not helpful in scenarios where you do not want to collect the full balance at once. This is where payment plans can help.
A payment plan describes a multi-step schedule for collecting payments on an invoice.
Consider this example: A customer has purchased a water heater from you for $1,000. Perhaps that customer is not able to pay the entire balance up front, but you still want to work with them. With payment plans you can issue a $1,000 invoice for the work performed/ products sold, etc., except that you will establish a schedule agreed upon by you and your customer to pay off the invoice balance. Such a payment schedule might look like this:
Installment 1: $500 due on October 1st
Installment 2: $250 due on November 1
Final Installment: $250 due on November 15Once your customer approves the payment plan they will be charged automatically for the installments on the date each payment is due. Invoiced will keep track of the installments as they become due, and update the invoice balance as payment is collected.
Payment plans differ from subscription billing in that neither the time between installment payments nor the installment amounts need to be uniform. Payment plans are attached to a single invoice, and thus can work with any schedule. Payment plans are limited in that the payment plan must add up to the invoice balance. [...]
Christian Wagner
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711 votesChristian Wagner
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Has there been any improvement in the last 7 years regarding loans? - It's certainly not clear how to create even a simple report about a loan and its repayments.