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

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• Dmitry Solovyev

  

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