Invoice installments

Split the balance of a sale invoice into monthly parts.

What installments are

When a customer pays the balance of an invoice over several months, you can split that balance into monthly parts so each part has its own due date.

An installment plan is only a schedule. Payments are still recorded with “Record payment”, and the plan itself charges no fee.

Splitting an invoice

The current balance is split into equal parts and the rounding remainder goes on the first one, so the parts add up to exactly the balance.

  1. Open the sale invoice and show the “Installments” section.
  2. Choose the number of parts and the due date of the first one.
  3. Press “Split into installments”. Later parts fall on the same day of each following month.

Following the parts

Each payment recorded for the invoice is taken off the oldest part first. The table shows which part is paid, which is not due yet and which is overdue by how many days.

You can remove the plan; recorded payments are not touched.

Late fees

If a manager has turned the late fee rule on, the “Late fee” section of an invoice shows what is past due and what fee can be charged: a fixed amount for every 30 full days late, or a percentage of the overdue amount.

A fee is never charged automatically; a manager charges it, and a separate sale invoice is issued to the same customer. The fee is worked out on the unpaid amount, not the whole invoice, and each period is charged only once.