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

    • Direct Access and Better Search for Zoho Quartz Recordings

      Hi Zoho Team, We would like to request a few enhancements to improve how Zoho Quartz recordings are accessed and managed after being submitted to Zoho Support. Current Limitation: After submitting a Quartz recording, the related Zoho Support ticket displays

    • Ensure Consistent Service Delivery with Comprehensive Job Sheets

      We are elated to announce that one of the most requested features is now live: Job Sheets. They are customizable, reusable forms that serve as a checklist for the services that technicians need to carry out and as a tool for data collection. While on

    • Something wrong with client script??

      Someone have the same feeling? Client script behavior become very strange..

    • Polish signer experience to compete with docusign

      I would like to suggest that someone spend the little bit of time to polish the signer experience, and the email templates to more of a modern professional feel. They are currently very early 2000s and with some simple changes could vastly improve the

    • how to change the page signers see after signing a document in zoho sign

      Hello, How can I please change the page a signer sees after signing a document in Zoho Sign? I cannot seem to find it. As it is now, it shows a default landing page "return to Zoho Sign Home". Thanks!

    • Digest Janvier - Un résumé de ce qui s'est passé le mois dernier sur Community

      Bonjour chers utilisateurs, Le premier mois de l’année est déjà derrière nous ! Découvrons ensemble comment s'est passé janvier pour Zoho Community France. Nous avons démarré le mois avec une nouvelle intégration entre Zoho Desk et Zoho Contracts. Cette

    • CRM gets location smart with the all new Map View: visualize records, locate records within any radius, and more

      Hello all, We've introduced a new way to work with location data in Zoho CRM: the Map View. Instead of scrolling through endless lists, your records now appear as pins on a map. Built on top of the all-new address field and powered by Mappls (MapMyIndia),

    • Customize Calendar view in Teamspaces Settings

      Right now every customization that happens inside of the calendar view inside of CRM is only visible for the specific user. We want to be able to set up calendar views as an admin for specific roles. I would suggest to do that inside of the settings of

    • Power up your Kiosk Studio with Real-Time Data Capture, Client Scripts & More!

      Hello Everyone, We’re thrilled to announce a powerful set of enhancements to Kiosk Studio in Zoho CRM. These new updates give you more flexibility, faster record handling, and real-time data capture, making your Kiosk flows smarter and more efficient

    • Can we fetch Deal owner and Deal owner email with COQL?

      While fetching deal deatils with coql api and while fetching deal owner name and email it is just giving owner id not ginving name and email https://www.zohoapis.in/crm/v2/coql

    • Zoho Social - Cliq Integration / Bot

      Dear community / zoho, I am looking for a way to create a bot within Zoho Cliq to update my colleagues about our Zoho Social activities. For example, if a new post is published, it would be great if this post automatically would be shared in our social

    • Multiple Cover Letters

      We are using the staffing firm edition of Recruit and we have noticed that candidates cannot add more than one cover letter. This is a problem as they might be applying for multiple jobs on our career site and when we submit their application to a client,

    • Zoho CRM for Everyone's NextGen UI Gets an Upgrade

      Hello Everyone We've made improvements to Zoho CRM for Everyone's Nextgen UI. These changes are the result of valuable feedback from you where we’ve focused on improving usability, providing wider screen space, and making navigation smoother so everything

    • Comment to DM Automation

      Comment to DM automation feature in Zoho Marketing Automation, similar to what tools like ManyChat offer. Use case: When a user comments on a social media post (Instagram / Facebook), the system should automatically: Send a private DM to the user Capture

    • Send / Send & Close keyboard shortcuts

      Hello! My team is so close to using Zoho Desk with just the keyboard. Keyboard shortcuts really help us to be more efficient -- saving a second or two over thousands of tickets adds up quickly. It seems like the keyboard shortcuts in Desk are only for

    • Metadata API Access to Functions

      I think it would be incredibly helpful to have api access to every function's code. Our team primarily uses deluge functions to update fields across modules according to business logic. I would like to create a visual dependancy model for our CRM, but

    • Handling Agent Transfer from Marketing Automation Journey to SalesIQ WhatsApp

      We are currently using Marketing Automation for WhatsApp marketing, and the features are great so far We have a scenario where, during a campaign or journey, we give customers an option to chat with our sales team. For this, we are using SalesIQ WhatsApp

    • Cliq iOS can't see shared screen

      Hello, I had this morning a video call with a colleague. She is using Cliq Desktop MacOS and wanted to share her screen with me. I'm on iPad. I noticed, while she shared her screen, I could only see her video, but not the shared screen... Does Cliq iOS is able to display shared screen, or is it somewhere else to be found ? Regards

    • Webinar - Getting Started with Zoho LandingPage

      Want to launch landing pages that support real marketing goals? This webinar is designed to help you understand the role landing pages play in your overall campaigns and how they contribute to lead generation and conversions. During this session, you’ll

    • Increase Round Robin Scheduler Frequency in Zoho Desk

      Dear Zoho Desk Team, We hope this message finds you well. We would like to request an enhancement to the Round Robin Scheduler in Zoho Desk to better address ticket assignment efficiency. Current Behavior At present, the Round Robin Scheduler operates

    • Separate Items & Services

      Hi, please separate items and services into different categories. Thank you

    • Zoho mail to contacts and leads, but not to accounts?

      We use the accounts tab a lot for our business because they can be linked to the sales orders. Now we want to use the mail add on to link communication of our emails to our accounts. However this is only possible for contacts and leads? It would be convenient

    • Zoho CRM Layouts

      I have customised all our modules, Leads, Contacts and deals, and within them, I have created lots of different layouts depending on the type of Lead or contact, for example. Since the new Zoho UI came out, they have all disappeared. I have gone into

    • Zoho CRM || Unable to Bulk Assignment of Territories for Contacts

      Dear Zoho CRM Support Team, I hope this email finds you well. We recently performed a bulk upload of Contacts into Zoho CRM using the official sample Excel template downloaded from the CRM. The upload itself was completed successfully; however, we encountered

    • Python - code studio

      Hi, I see the code studio is "coming soon". We have some files that will require some more complex transformation, is this feature far off? It appears to have been released in Zoho Analytics already

    • Task Order

      Hello! I've recently switched to Zoho Projects and a long time user of MS Project, Asana and LiquidPlanner (which has recently been purchased) and I'm running into a frustration I'm hoping someone can assist with. It has to do with how tasks are ordered

    • Marketing Tip #19: Upsell on product page to increase order value

      Upselling doesn’t have to feel pushy. It can actually feel helpful when done right. Think "people also bought", upgrades, add-ons, or complementary items. A smart upsell increases your average order value and improves the customer experience by making

    • CRM limit reached: only 2 subforms can be created

      we recently stumbled upon a limit of 2 subforms per module. while we found a workaround on this occasion, only 2 subforms can be quite limiting in an enterprise setting. @Anonymous User I've read about imminent increase of other components (e.

    • Change Last Name to not required in Leads

      I would like to upload 500 target companies as leads but I don't yet have contact people for them. Can you enable the option for me to turn this requirement off to need a Second Name? Moderation update (10-Jun-23): As we explore potential solutions for

    • Kaizen #198: Using Client Script for Custom Validation in Blueprint

      Nearing 200th Kaizen Post – 1 More to the Big Two-Oh-Oh! Do you have any questions, suggestions, or topics you would like us to cover in future posts? Your insights and suggestions help us shape future content and make this series better for everyone.

    • オンライン勉強会のお知らせ Zoho ワークアウト （2/19 参加無料）

      ユーザーの皆さま、こんにちは。コミュニティチームの中野です。 2月開催のZoho ワークアウトについてお知らせします。 今回はZoomにて、オンライン開催します。 ▶︎参加登録はこちら（無料） https://us02web.zoom.us/meeting/register/6AyVUxp6QDmMQiDGXGkxPA ━━━━━━━━━━━━━━━━━━━━━━━━ Zoho ワークアウトとは？ Zoho ユーザー同士で交流しながら、サービスに関する疑問や不明点の解消を目指すイベント「Zoho

    • Introducing Record Category in CRM: Group options to see record status at a glance.

      Release update: Currently available for CN, JP, and AU DCs (all paid editions). It will be made available to other DCs by mid-March. Hello everyone, We are pleased to introduce Record Category in Zoho CRM - a new capability where the user can get an overview

    • Removing Tables from HTML Inventory Templates - headers, footers and page number tags only?

      I'm a bit confused by the update that is coming to HTML Inventory Templates https://help.zoho.com/portal/en/kb/crm-nextgen/customize-crm-account/customizing-templates/articles/nextgen-update-your-html-inventory-templates-for-pdf-generator-upgrade It says

    • Ability to Link Reported Issues from Zoho Desk to Specific Tasks or Subtasks in Zoho Projects

      Hi Zoho Desk Team, Hope you're doing well. When reporting a bug from Zoho Desk to Zoho Projects, we’ve noticed that it’s currently not possible to select an existing task or subtask to associate the issue with. However, when working directly inside Zoho

    • How do i move multiple tickets to a different department?

      Hello, i have several tickets that have been assigned to the wrong department.  I am talking about hundreds of automatically generated ones that come from a separate system. How can i select them all at once to move them to another department in one go? I can select them in "unsassigned open tickets view" but i can't find a "move to another department" option. I also can't seem to assign multiple tickets to the same agent in that same view. Could somebody advice?

    • Let us view and export the full price books data from CRM

      I quote out of CRM, some of my clients have specialised pricing for specific products - therefore we use Price Books to manage these special prices. I can only see the breakdown of the products listed in the price book and the specialised pricing for

    • Set Default Status of Assembly to "Assembled" When Entered in UI

      I've just discovered the new "confirmed" status of Assemblies within Inventory. While I understand the intent of this (allowing for manufacturing planning and raw material stock allocation), it was initially confusing to me when manually entering some

    • How to apply customized Zoho Crm Home Page to all users?

      I have tried to study manuals and play with Zoho CRM but haven't found a way how to apply customized Zoho CRM Home Page as a (default) home page for other CRM users.. How that can be done, if possible? - kipi Moderation Update: Currently, each user has

    • Plug Sample #14: Automate Invoice Queries with SalesIQ Chatbot

      Hi everyone! We're back with a powerful plug to make your Zobot smarter and your support faster. This time, we're solving a common friction point for finance teams by giving customers quick access to their invoices. We are going to be automating invoice

    • Enrich your contact and company details automatically using the Data Enrichment topping

      Greetings, I hope you're all doing well. We're happy to announce the latest topping we've added to Bigin: The Data Enrichment topping, powered by WebAmigo. This topping helps you automatically enhance your contact and company records in Bigin. By leveraging

    • Next Page