1. Recurring Invoice Setup - Number (1)
Action: Navigate to the invoice section and select 'Recurring Invoice' from the dropdown.
What is this?
This option enables automatic invoicing for recurring payments. By selecting 'Recurring Invoice,' the system will send invoices at regular intervals, ensuring timely reminders and simplifying the billing process.
2. Set Payment Interval and Total Payment Cycles - Number (2)
Action: Set the payment interval (e.g., every 1 month) and the total payment cycles (e.g., 3 cycles for three payments).
What is this?
The payment interval determines how often the customer will be billed (e.g., monthly, bi-monthly, quarterly). The total payment cycles define the number of installments in which the full amount will be divided. For instance:
- Interval: Every 1 month
- Cycles: 3
This configuration means the customer will receive an invoice every month for three months, splitting the total amount into three equal payments.
3. Enable Payment Division – Number (3)
Action: Check the option labeled 'Is divide the total based on the total payment cycle.'
What is this?
This feature automatically calculates the payment amount for each cycle by dividing the total invoice amount by the number of cycles. It ensures consistency and eliminates manual calculations, making the payment process seamless for both you and the client.
What we set here?
All payment statements are now grouped under a single invoice ID. This eliminates the need to create multiple invoices for installment payments. Instead, the system tracks and updates payments as they are made, providing a clear view of the payment schedule and status.
5. Review and Edit Items
Action: Add or adjust items within the invoice as needed. Ensure the description and rates are correct for each item.
Explanation: Each item on the invoice can be customized to reflect the accurate description and price. Any updates to the invoice will automatically adjust the remaining payment schedule and amounts.