Transactions - Payments

Overview

The Payments function allows you to link a loan/finance calculation or a Payment Schedule to a Transaction.

Open the Payments module from Menu (button) > Payment Schedule.

The Loan calculation works independently from the Payment Schedule. Fields  include:

• Total  Cost of Goods - The Total Amount for the goods

• Add: Fees - (Optional) Admin or other fees to be added to the Total

• Less: Deposit

• Amount to be Financed - Total + Fee - Deposit

• Interest P.A. (%) - Annual Interest Rate (%)

• No. of Monthly Payments- The number of monthly repayments

• Monthly Payment - The Monthly payment amount

• Annual Escalation (%) - Visible when Override is True.

• Override - when true, you can manually enter all the values.

Settings

Setup > Transactions - Payment Schedule - Enables the Payment Schedule functionality for Transaction

Payment Schedules

The Payments function allows you to link a Payment Schedule to a Transaction.

Steps - Create a Payment Schedule (Setup)

1. Navigate to the Main Menu > Setup > Transactions > Transaction Types.

2. Click on the relevant transaction (ex. Quotations) > Payment Schedule.

3. Click Edit in the top-right corner.

4. Enable the Use Payment Schedule checkbox.

5. Click on the ellipses next to Default Payment Schedule.

6. Click the New button

7. Description = xx% Deposit (ex. 70% Deposit)

8. Percentage = Deposit percentage (ex. 70) 

9. Click the New button again to add the second item.

10. Description = xx% Balance Due (ex. 30% Balance Due)

11. Percentage = Balance Due percentage (ex. 30) 

12. Note: Both items need to add up to 100%.

13. If a 100% Deposit is required, only add one item, and update the item's Description (100% Deposit) and Percentage (100).

14. Click Save

15. Restart QuickEasy

Steps - Create a Payment Schedule (Transaction)

16. Open the Transaction (ie. Quotations)

17. Open the Payments module from the Menu button > View/Edit Payment Schedule.

18. Click the New button

19. Description = xx% Deposit (ex. 70% Deposit)

20. Percentage = Deposit percentage (ex. 70) 

21. Click the New button again to add the second item.

22. Description = xx% Balance Due (ex. 30% Balance Due)

23. Percentage = Balance Due percentage (ex. 30) 

24. Note: Both items need to add up to 100%.

25. If a 100% Deposit is required, only add one item, and update the item's Description (100% Deposit) and Percentage (100).

Steps - Update a Payment Schedule (Transaction)

1. Open the Transaction (ie. Quotations)

2. Open the Payments module from the Menu button > View/Edit Payment Schedule.

3. Update the Descriptions

4. Update the Percentages

5. Click Save

6. If 100% Deposit is required, right-click and delete the second item, and update the first item's Description (100% Deposit) and Percentage (100).

Related Topics

• Reference: Accounting Overview 

• Reference: Approvals

• Reference: Batch Updates

• Reference: Extra Datasets

• Reference: Payments

• Reference: Point of Sale

• Reference: Properties (Creating Transaction Types)

• Reference: Settings (Transactions, Users and Roles)

• Reference: Setup (Setting up Transaction Types)

• Reference: Signatures

• Reference: Transaction Data Pipelines

• Reference: Transactions Overview

• Reference: Views

• Examples