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 fora Transaction
Payment Schedules
The Payments function allows you to link a Payment Schedule to a Transaction.
Steps - Create a Payment Schedule (Setup)
Navigate to the Main Menu > Setup > Transactions > Transaction Types.
Click on the relevant transaction (ex. Quotations) > Payment Schedule.
Click Edit in the top-right corner.
Enable the Use Payment Schedule checkbox.
Click on the ellipses next to Default Payment Schedule.
Click the New button
Description = xx% Deposit (ex. 70% Deposit)
Percentage = Deposit percentage (ex. 70)
Click the New button again to add the second item.
Description = xx% Balance Due (ex. 30% Balance Due)
Percentage = Balance Due percentage (ex. 30)
Note: Both items need to add up to 100%.
If a 100% Deposit is required, only add one item, and update the item's Description (100% Deposit) and Percentage (100).
Click Save
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Steps - Create a Payment Schedule (Transaction)
Open the Transaction (ie. Quotations)
Open the Payments module from the Menu button > View/Edit Payment Schedule.
Click the New button
Description = xx% Deposit (ex. 70% Deposit)
Percentage = Deposit percentage (ex. 70)
Click the New button again to add the second item.
Description = xx% Balance Due (ex. 30% Balance Due)
Percentage = Balance Due percentage (ex. 30)
Note: Both items need to add up to 100%.
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)
Open the Transaction (ie. Quotations)
Open the Payments module from the Menu button > View/Edit Payment Schedule.
Update the Descriptions
Update the Percentages
Click Save
If 100% Deposit is required, right-click and delete the second item, and update the first item's Description (100% Deposit) and Percentage (100).