Function #48: Manage fixed installment payments using Zoho Books

Function #48: Manage fixed installment payments using Zoho Books



Hello everyone, and welcome back to our series!

Businesses offer installment payment options to their customers, particularly for expensive purchases, to ease the financial burden on them. By breaking down the total cost into smaller, more manageable payments, businesses can attract a wider audience who may not be able to afford large upfront payments. This approach not only increases the likelihood of making more sales, but also helps to spread revenue over time, improve cash flow, enhance customer satisfaction and loyalty, and provide a competitive advantage in the market.

We receive numerous requests from our users regarding the handling of these installment scenarios. We heard you loud and clear. Today, we are excited to share a solution that utilizes custom functions to manage installment payments in Zoho Books.

Let's take the example of Mr. John Hector, who wants to buy a 75-inch TV from Zylker Electronics, priced at a hefty $2,300. He is finding it difficult to pay the entire amount upfront. Therefore, Zylker Electronics offers him the option to pay in installments. They mutually decide that John will spread the payment over 5 months, committing to monthly installments of $460 until he settles the entire purchase amount. Let's delve into how this process can be efficiently managed within Zoho Books using custom functions.

Firstly, Zylker Electronics should create a sale invoice of $2,300 in their Zoho Books organization. While creating it, they should input the start date of the installment and the number of installments in two custom fields. For instance, if the sale was made on 01.04.2024 and Mr. John agreed to pay in 5 installments starting on 10.05.2024, the start date should be entered as 10.05.2024, and the number of installments as 5.

Two custom functions will come into play: one to generate the retainer invoices to collect the installment payments and another to apply the retainer payments to the sale invoice.

Based on the number of installments entered the function will determine the amount to be charged as monthly installments.
Installment amount = Total Amount Payable / No of installments = $2300 / 5 = $460.

On the specified start date, the first function will create and send the retainer invoice for the first installment. Once the payment for this installment is recorded, the second function will apply it to the sale invoice, reducing the balance accordingly. The process repeats each month, generating and sending retainer invoices for subsequent installments until all 5 are completed. Each retainer invoice will be for $460 and due on the 10th of every month for 5 consecutive months. As each retainer invoice is paid, the second function will automatically apply it to the sale invoice, thereby recognizing the income.

Prerequisites: 

1. Create a Connection named "zbooks" to successfully execute the scheduler. You can watch the GIF attached below to know how to create the connection.




2. Create a Date-type custom field called "Installment Start Date" for the Invoices. This field will be used to input the starting date for installment payments.



3. Create a Decimal-type custom field called "Number of installments" for the Invoices. Here, you'll specify the agreed-upon number of installments. Using this information and the total invoice amount, the function will determine the monthly installment amount.



4. Create a new Retainer Invoice template with the document title "Installment Payment". Then, copy the template ID (You can get the ID from the URL of the webpage) and substitute it into line 26 of the first function. This ensures that all the retainers sent for collecting installment amounts are correctly labeled.



(1) Custom Function to create Retainer Invoices:

Navigate to Settings -> Automation -> Workflow Actions -> Custom Functions -> +New Custom Function -> Module -> Select Invoice -> Add the function code from this GitHub Link -> Save. 



(2) Workflow Rule to create Retainer Invoices:

Go to Settings -> Automation -> Workflow Rules -> +New Workflow Rule and set up the workflow rule as shown below:-




In the final step of this workflow rule, associate the custom function you created and then hit Save.

(3) Custom Function to apply installment payments to the sale invoice:

Navigate to Settings -> Automation -> Workflow Actions -> Custom Functions -> +New Custom Function- > Module -> Select Retainer Invoice -> Add the function code from this GitHub Link -> Save. 



(4) Workflow Rule to apply installment payments:

Go to Settings -> Automation -> Workflow Rules -> +New Workflow Rule and set up the workflow rule as shown below:-






In the final step of this workflow rule, associate the custom function you created and then hit Save.

We really hope that today's functions help you streamline the process of handling installments in Zoho Books. If you need any assistance in customizing the functions to better suit your needs, please do not hesitate to contact us at support[at]zohobooks[dot]com. We are always happy to help you. 

Also, for those looking to collect varying percentages of the invoice total as installments, stay tuned! 

Regards,
Shireen Farhana
Zoho Books

    • Sticky Posts

    • Introducing Invoice Consolidation for Offline Subscriptions

      Hello Folks, Glad to announce the feature of Invoice Consolidation for Offline Subscriptions. If you are having multiple subscriptions for your customers, now, you can send a single consolidated invoice for all the Offline Subscriptions that are getting renewed on the same date. Advantage?  Customers will be receiving single invoice instead of multiple invoices upon renewal. Also reduces your efforts in follow-up with your customers for payment collections. For Example: If Customer has Subscription

    • New feature: Create back-dated subscriptions

      Hello from the Zoho Subscriptions team. :)   We’re happy to announce that today marks the launch of a much-awaited feature: creating back-dated subscriptions!   From here on out, whenever you create a new subscription with an activation date that is earlier than the present date, you’ll no longer get an error. Instead, you'll be creating a back-dated subscription. This means that the subscription started at that earlier point in time. The next billing date will be calculated automatically based on

    • Announcement Regarding Notification Emails

      Hello Everyone! This announcement is regarding the admin notification emails which you've been receiving from the email address "support@zohosubscriptions.com". From the 1st of October, 06:00 GMT, the emails with the following subjects will be sent from "no-reply@zohosubscriptions.com". Unable to send invoice for the profile - {profile_name} Unable to process auto payments. If you have set up any filters or workflow in your email account, please add "no-reply@zohosubscriptions.com” and  “support@zohosubscriptions.com”

    • Zoho Subscriptions plugin for WordPress

      Zoho Subscriptions plugin for WordPress allows you to easily embed your plan specific checkout page in an iframe with just a few mouse clicks and without a single line of code. How can WordPress Zoho Subscriptions Plugin boost your productivity? It's now easier to embed Zoho Subscriptions checkout page in your WordPress site. Forget the old method of logging in to Zoho Subscriptions, copying a URL and scripting to make adjustments. All this can be done automatically through this plugin. A great time

    • Indian GST organisation Migration Guide

      With respect to the new GST regime releasing on July 1, 2017in India, Zoho Subscriptions Indian edition is also gearing up to make your business GST Ready. This article focuses on how to get your existing organisation in Zoho Subscriptions to migrate to the new GST regime.    Note:  Any organisation created on or after July 1, 2017 will already be GST ready. You wouldn't have to migrate your organisation. Migrating your existing organisation to support GST To migrate your existing organisation to

    • Recent Topics

    • Store reviews module just got smarter in Zoho Apptics

      Hello, Apptics community! Every app deserves better visibility in the marketplace, and reviews play a crucial role in improving your app's App Store Optimization (ASO), rankings, and credibility across stores. That's why we've rolled out a set of enhancements

    • Try CRM for everyone button in the way of workflow

      Please consider using the bottom bar for offers. Using the top bar for offers like "Try CRM for everyone" really gets in the way of my day to day workflow.

    • Include EVERYTHING in Language Files

      Hey, we are building out a system, that needs to be translated. The language files lack a few things though. 1. Blueprint names 2. Canvas View elements like tab names Please include everything into these files, otherwise it's not really a multi language

    • A way to create kits (groups of items) that do not require bundling and are added to an order as the individual items

      We are evaluating moving off of Sage BusinessWorks (which handles accounting, order entry, inventory control, accounts receivable, etc) to Zoho Books/Inventory. One of the things we heavily use is a feature called Kits, which allows creating a group of

    • Allocating Salesman To Customer

      Hello, please add a feature to allocate a salesman to a particular business customer/account. Regards

    • Shipment

      I have 70 shipments Out of which 40 delivery date are updated( since it is live tracked) 30 numbers i need to update manually. How to do it in bulk?

    • arabic not printing

      Qatar has a legal requirement to have invoices in English and Arabic. When writing invoice fields in Arabic, they don't print. Why?

    • How to show Order Number/SO Ref on Invoice emails

      When creating a sales order or invoice we have an option to input an order number or ref# (see attached images). For the Sales Order email template we can add a placeholder for the SO_REF. However, for the Invoice email template there's no option to reference

    • Specify in-line image size in question

      I have an image inserted into a file upload type question. I can click and drag the corner of the image to make it larger or smaller, but I would like to manually input the dimensions I need. No matter what size I make the image in photoshop before uploading

    • Can you limit who creates tags?

      Hi there, I'd like to find out if it's possible to limit which Agents create tags on Zoho desk. Thank you. 

    • Auto CC - Moving Departments

      We have Auto CC e-mail replies to your support mailbox enabled. We have two departments: Helpdesk (helpdesk@domain.com) Delivery (delivery@domain.com) If we create a Helpdesk ticket, and reply, replies are CC'd to helpdesk@domain.com (OK) We then move

    • Sudden Layout Issue After Last CSS Update for ZML (Temporary Fix Inside)

      Hi, Our clients have noticed today that every section laid out with ZML suddenly shows an unwanted top padding/blank space that interrupts the user screens. It appears that Zoho has changed the default CSS for the .zcp-col.zcp-panel-rowtype-auto element.

    • Customer paid excess. How do I record payment?

      A customer has paid me Rs. 7150 which is in excess. The amount due is Rs. 5388 I owe them Rs. 1762 back which I will be transferring to their account tomorrow. How do I get this entered into Zoho Books? I'm a little lost. :) Rishi

    • Search Bar Improvement for Zoho Commerce

      Hey everyone, I've been using Zoho Commerce for a bit now, and I think the search bar could really use an upgrade. Right now, it doesn't show products in a dropdown as you type, which would make finding items a lot faster. On Shopify, for example, you

    • Tabular View Report | Scale To Fit Screen

      Please add the option to scale Tabular View reports to fit the screen. I constantly have to adjust the column size of Tabular View reports to fit various screen sizes and it just looks messy. You can see in the screenshot below there is a blank gap after

    • Why Server error in creatiing Landing Pages

      Hi Zoho Team, pls see my screenshot and tell me, what's wrong. Thx

    • Tip 31: How to make a field in a Zoho Creator form mandatory based on criteria

      Hi folks,   I'm sure most of you are familiar with the Mandatory property available in our form builder. It enables you to ensure that your users enter an input in a required field. If they don't enter an input in that field, they'll be unable to submit

    • Bulk update account type when adding a bill

      Hi I've only been using Zoho Books for a short while but I'm impressed so far, keep up the great work. One minor issue I'm coming up against is when creating a new bill from a scanned document (supplier invoice). In some cases, the supplier invoice could

    • How to start fresh after many years of using Zoho Books without deleting everything and creating a new organisation?

      Hi, I have used Books since 2016, but never reconciled with my bank account. I was thinking of trying to go back and fix that, but I don't just don't have the time it would take. Instead, I'd like back up my old records and start anew. What is the best

    • How do I modify the the incoming/current call popup? I can modify other call pages but not that one.

      I want to modify the incoming and active call popup on the crm to include customer relevant information, such as purchase history or length of relationship. Under modules and fields, I don't seem to see active call as a choice to modify, only the main

    • Canvas: Add Sections to Detail View

      Currently it is only possible to add fields to a canvas detail view. This makes Canvas hard to maintain, because everytime we add a field to our system, someone needs to go into the canvas view and add it there as well. This leads to additional work and

    • Automation#32:Auto Add New Portal Users to the Help Center User Groups

      Hello Everyone, Introducing a custom function that automates the process of adding new portal users to Help Center user groups, making user management effortless! By default, Zoho Desk allows you to assign new portal users to groups manually. But with

    • Cannot delete old accounts

      Hello, I try to delete old accounts from CRM, but it won't permit, saying documents are still linked to them. I searched in CRM and BOOKS, found some documents and deleted them, but still CRM won't delete them. Any idea how to do that ? I have a lot of

    • Offline mode on Android TV app?

      Hello! Is there a way to use Zoho Show offline in the Android TV app? I have an Android TV based projector, and I travel with it, and don't want to have to rely on a steady internet connection when giving a presentation.

    • Choice-based Field Rules on Global Lists

      Hi, The new Choice-based Field Rules should also be able to work with Global Lists not just local lists. Thanks Dan

    • Tip #36- How to use Survey in Zoho Assist to capture valuable feedback from remote sessions- 'Insider Insights'

      How to use Survey in Zoho Assist to capture valuable feedback from remote sessions The survey feature allows technicians and customers to share their valuable feedback, contributing to the improvement of remote service quality. After the completion of

    • Narrative 3 - Comprehending User Management

      Behind the scenes of a successful ticketing system - BTS Series Narrative 3 - Comprehending User Management User management in a ticketing system includes important aspects of how administrators oversee user access, roles, and permissions. This process

    • Product Details's Description is lost

      Hi CRM lost its description in Product details subform. Can you make some test before deploy any update?

    • Sent items with shared folders

      Hello, this is in some way in between a problem and an idea.  When sharing folders (which is actually not any close to a shared mailbox...) the person which the folder has been shared with can access that folder and can send emails when delegation is

    • Zoho Bookings Issues We are facing

      Hi team, Here are list of issues we are facing with Zoho Bookings when migrating from other platforms. Sorry there is a lot but the bookings app need to be functional and practical for people to actually use it and not-cause MORE problems by being so basic and not customisable to each business.  1: SMS reminders for staff  There should be time limits on these reminders to make them useful. EG. if a new booking comes in more than 4 hours from now we don't really need to get a reminder, however if

    • Booking outside of scheduled availability

      Is there a way for staff (such as the secretary) to book appointments outside of the scheduled availability? Right now to do this special hours must be set each time. There should be a quicker way. Am I missing something?

    • Run workflow on data import in Creator 6

      How to run a workflow on data import in Creator 6?

    • Multi Day booking for resources

      I have following business-case: Rental for Tablets. Customer should be able to select how many device for how many days he'd like to rent. Same as a car rental for multiple days. Is this possible with Bookings on the current version?

    • Add Usage & Voting Analytics for Knowledge Base Articles in Zoho SalesIQ

      Dear Zoho SalesIQ Team, We appreciate the current integration between Zoho Desk and Zoho SalesIQ that allows knowledge base articles to be synced and displayed to users directly within the SalesIQ chat interface. One valuable feature already available

    • Real-Time Alert or Status Indicator for WhatsApp Connection Issues in SalesIQ

      Hi Zoho Team, We’d like to request a feature enhancement in Zoho SalesIQ related to WhatsApp integration stability and visibility. Recently, we encountered a critical issue where our WhatsApp bot stopped responding to messages without any warning or alert

    • Customization of Chat Transcript Emails in Zoho SalesIQ

      Hi Zoho SalesIQ Team, I hope you're doing well. We would like to request the ability to customize the email template that is sent to clients when they request a chat transcript from SalesIQ. Currently, when a client clicks the button to receive their

    • Import from Linkedin

      Please provide a way to enable importing contact information for Contacts and Companies from Linkedin? Thanks

    • The ability to format text fields, ie when data is number or currency

      Hello, I have spent some time trying to determine how to accomplish this but it appears to be impossible. I want to merge a currency field from CRM into a PDF document. The CRM data shows $1,234, but when zSign gets the data it shows 1234 in the text

    • Tip of the Week #64– Customize your sidebar for a more focused workflow.

      When your shared spaces start filling up with too many views, it gets a little harder to zoom in on what really matters. You find yourself scrolling more than working, and the things that need your attention? They’re often buried down below. Custom sidebar

    • Zoho Social - Queries about GST invoices and subscription

      Hi, I am going to purchase the Zoho Social tool with a yearly subscription. So, can you please help me with my below queries: 1. How I get the monthly GST Invoices? 2. What is the process of subscription? 2. How to cancel a subscription?

    • Next Page