Defining Payment Schedules

In this topic you must choose your edition of our application. If you are unsure, contact your administrator.

A single sales invoice A commercial document issued by a seller to a buyer, indicating the products, quantities and agreed prices for goods or services that have already been provided. You issue sales invoices and receive payable/purchase invoices. can have a single due date or it can be paid in a series of payments by setting a payment schedule Used to create a single invoice that has multiple values that are due for payment on different dates.. When you post a sales invoice with a payment schedule, each due date generates a separate transaction line item.

Note:

Unlike other sales invoices, potential settlement discounts and dates are not calculated for invoices with payment schedules.

Lightning Page

You cannot set up a payment schedule for a recurring invoice A special type of sales invoice that you enter only once but that causes several similar sales invoices to be generated automatically. Recurring invoices are typically used to request payment for regular bills, such as an annual maintenance agreement invoiced monthly. Alternatively you can use them to create invoices for scheduled monthly deliveries of products..

To set up a payment schedule for a sales invoice:

1. Create the sales invoice and line items, as described in the related topics.
2. [Optional] If your organization integrates with an external system (such as Avalara) for the calculation of sales tax, save the sales invoice then click Edit, then Calculate Tax so that tax values are calculated correctly before you create the payment schedule.
3. Select Payment Schedule from the button bar drop down.
4. On the Payment schedule window, specify the appropriate number of payments, first due date and interval. The first due date should be later than the sales invoice date.
5. The payment schedule is generated with due dates and amounts according to the scheduling information and the invoice total and is displayed in the Preview section.
6. [Optional] Amend the due dates and amounts for each payment. The total of all payments get recalculated and appear under Preview. The total of all payments must equal the invoice total before saving.
7. When you have finished, click Save. If you change the sales invoice's line items created by payment schedule, the payment schedule will be updated.

Classic Edition

You cannot set up a payment schedule for a recurring invoice A special type of sales invoice that you enter only once but that causes several similar sales invoices to be generated automatically. Recurring invoices are typically used to request payment for regular bills, such as an annual maintenance agreement invoiced monthly. Alternatively you can use them to create invoices for scheduled monthly deliveries of products..

To set up a payment schedule for a sales invoice:

1. Create the sales invoice and line items, as described in the related topics.
2. [Optional] If your organization integrates with an external system (such as Avalara) for the calculation of sales tax, save the sales invoice then click Edit, then Calculate Tax so that tax values are calculated correctly before you create the payment schedule.
3. Select "Payment Schedule" in the Payment Schedule section.
4. Specify the appropriate number of payments, first due date and interval.
5. Click Calculate. The payment schedule are generated with due dates and amounts according to the scheduling information and the invoice total. Any remainder will be added to the first payment in the schedule.
6. [Optional] Add or remove scheduled payments and amend the due dates and amounts for each payment. The total of all payments must equal the invoice total before saving.
7. When you have finished, click Save.

Extended Edition

To set up a payment schedule for a sales invoice:

1. Create the sales invoice and line items, as described in the related topics.
2. [Optional] If your organization integrates with an external system (such as Avalara) for the calculation of sales tax, save the sales invoice then click Calculate Tax so that tax values are calculated correctly before you create the payment schedule.
3. Specify the appropriate number of payments, first due date and interval in the Payments Schedule section.
4. Click Save.
5. Click Generate Payment Schedule on the payment schedule line items related list. The payment schedule lines are generated with due dates and amounts according to the scheduling information and the invoice total. Any remainder will be added to the first payment in the schedule.

If you make changes to the schedule criteria (number of payments, first due date and interval), save them and then click Generate Payment Schedule again to regenerate the schedule. If you fail to do this, your changes will be ignored.

You can now amend the following details at payment schedule line item level.

• Amend the due dates and amounts.
• Amend the sales invoice line detail (quantity or unit price).
• Delete payment schedule line items.

The total of all payments must equal the invoice total before posting.

Note:

Any edits you have made at line item level are lost when you click Generate Payment Schedule.