You can offer your customers flexible payment terms. For example, let's say that a customer would like to place an order for a high-cost product or part, but he or she cannot afford to pay for it up front in one lump sum. With the payment terms features in Vision, you can specify how many payments should be made for an order and when the date of the first invoice should be. This allows your customers to pay for the order in multiple equal installments over a specified number of months.
The Current Order screen of the Customer Service tab is where you specify payment terms for an order.
On the Customer Service tab, click the Current Order button. The Current Order screen appears.
If the Payment Terms area is not visible, click the Order Details button.
In the # Payments field, type the number of monthly payments that will be made.
In the First Invoice Date field, type the date for the first invoice (or click the arrow to select the date from the calendar). To use this date, select the check box for this date.
The first invoice will be generated during the End-of-Day process for the date specified in the First Invoice Date field. The invoice amount will be for the order total balance divided by the number of payments specified in the # Payments field.
Then 30 days later, the next invoice will be generated, and so on, until the specified number of payments have been invoiced.
Each payment has a separate accounts receivable record so that aging is done appropriately.