Payment schedule before recognizing revenue
Hello. We are new to ZOHO books. We aren't familiar with enough of the vocab needed to search the forums. If you can either provide answers or enough vocab to search, we would appreciate it.
Here is how our business works.
Day 0 - Purchase order received from a customer for product X. Product X costs $Y.
Day 0 - Customer owes 50% of $Y.
Day 41 - Customer owes 40% of $Y.
Day 42 - Product X ships if first two payments have been received.
Day 72 - Customer owes final 10% of $Y.
Questions:
Can we set up a payment schedule like this in Zoho? (50/40/10 on a preset schedule)
The payments before shipment (day 42) need to be either deposits or deferred revenue.
At shipment, (day 42) deposits or deferred revenue must become revenue.
Can we send the customer a "payment due" on day 0 and day 41?
"Payable due" means an email to the customer that they can either pay by credit card or other method.
As I mentioned above help or pointing in a good direction are both appreciated!
Thanks,
Matt