Receipt of Payment in Installment

[Former Member]

Hi,

I am working on a scenario, where the sales will take place & payment will be received in Installments.

Scenario 1:

Say Product A has a Billing value of Rs. 2,000/- & sale takes place on 19th March. Immediate payment is received of Rs 500/- & balance will be received on 10th of every month starting from April.

Scenario 2:

Say Product A has a Billing value of Rs. 2,000/- & sale takes place on 25th March. Immediate payment is received of Rs 500/- & balance will be received on 10th of every month starting from May. (All Invoices billed on Installment basis on or after 25th, will be entitled to start installment not in immediate following month, but the month after that.

Please guide how to configure this scenario.

Regards,

Rajesh Banka

[Lakshmipathi · Accepted solution]

Dear Rajesh Banka

Can you please let me know whether my suggestion is useful.

thanks

G. Lakshmipathi

[Former Member · Accepted solution]

Hi Laxmipathi,

I will update on the same in 2-3 days, as I am yet in the configuration stage. But I am 100% sure, that your suggestion is going to be of great help to me.

Regards,

Rajesh Banka

[Lakshmipathi · Accepted solution]

Thanks for the updation dear Rajesh Banka. I am quite happy that my suggestion is of great help to you and once again thanks for the compliments

[Former Member]

I might be wrong but i have one doubt, it is more or less like credit card payment scenario where a minimum payment is due and you can pay the rest later on..(though the interest part is not there )...now when you are maintaining the payment terms in Customer Master..at a time only one terms of payment will be maintained.

Customer can go for the payment as & when he wants to pay in that particular period, so you will not be able to pick the other conditions applicable...what i think is that you have to maintained the terms of payment somewhere else...or hardcode them...mention that if the payment is before 24th of the month in which the invoice was created then pick a particular term of payment or else other.

Correct me if i am wrong.

Regards,

N

[Former Member]

Dear Nitesh,

This scenario is like I purchase TV from XYZ Comapany, which values Rs 10,000/-. I pay a downpayment of Rs 5000/- & balance in 5 installment of Rs. 1,000/- each for next 5 months.

Hope this example clearifies my requirement. The point here is it is one time billing & cannot be treated as Periodic or milestone billing.

Regards,

Rajesh Banka

[Former Member]

hi,

apart from payment of terms customizing,

Another option to consider would be to create a debit memo with 3 lines with separate billing dates.

Place the correct amount on each line so that it bills at the appropriate time. This does work but be aware that this also updates sales analysis unless you do something to fix it.

I'm assuming you are selling a part. You cannot list the part 3 times because sales analysis will pick it up as 3.

So you would need to sell the part on the first line with the first payment and then do the other 2 lines as an item category that does not update your SIS info structure.

Then you could get separate invoices each time.

regards,

Siddharth.

[Lakshmipathi]

Dear Rajesh Banka

May be you can try with this but not sure how far you will succeed in this.

For immediate payment of Rs.500/-, you can use downpayment method. In OBB8, select the box "Instalment Payment" (Indicator that the invoiced amount is to be broken down into partial amounts with different due dates). For rest of the instalment payment, say INR 1500 (assuming the client would get INR 500 each of every month), create three different payment terms

Now go to OBB9 and maintain three instalments and assign the three new payment terms here. Make use of this payment terms in your billing.

thanks

G. Lakshmipathi

[Former Member]

Try Using the Billing Plan - Periodic Billing Plan.

Regards

Sai

[Former Member]

Hi Sai,

Periodic Billing will not work, as the entire billing is to be done at the point of Sale. Even in that case Milestone billing is not supportive.

Regards,

Rajesh Banka