Overview
Installment payments have become a popular way for companies to offer their customers flexible payment options for products and services. However, Dynamics 365 Business Central does not have the ability to manage installment payments effectively, making it difficult for companies to take full advantage of this payment method.
In this article, we’ll explore a little something we created that allows the users to split up the invoice into multiple receivable/payables.
Customizable Payment Plans
One of the biggest benefits of offering installment payments is the ability to provide users with flexible payment options, both on the payables side and the receivables side. This features allow you to create payment plans with varying intervals, amounts, and due dates to suit your needs.
Billing and Payment Tracking
Manually tracking and generating invoices for installment payments is a time-consuming process. Using out of the box Dynamics 365 Business Central, you will need to do a lot of “creative” transactions in order to split out the payments over several periods. The Installment Payment Terms app will automatically generate receivables/payables for each installment and keep track of all payments made, providing you with an up-to-date status of each installment plan.
Reporting
You can utilize your existing A/R and A/P reports to see the different installment payment entries. This means that tools you use to look at payments received, overdue payments, etc will be there. This can help you make informed business decisions and improve your overall financial management.
Extending on the existing Payment Terms
This app is designed to be used with little to no training. It extends on top of the payment terms functionality in Business Central so it will be intuitive for the users to manage their installment payment terms.
Video
Here are 2 videos that explains the Installment Payment Terms functionality:
Here’s the video that explains the functionality to allow different amounts per payment plan.
Download the App on Appsource
Here’s the link to download the app on Appsource for your Dynamics 365 Business Central environment:
Installment Payment Plan for Dynamics 365 Business Centra
As always, you can try out this product for as long as you want in your Sandbox environment.
Hi Alex/AP Commerce,
We have the following purchasing situation. We need to submit the following payments:
1.- 20% by the moment we submit our purchase order (we use prepayment functionality)
2.- Another 30% before vendor ship our parts (we use prepayment functionality as well)
3.- Remaining 50% will be paid using 5 installments starting one month after the parts are received in our warehouse.
I believe we can manage part 3 with your approach, but I am wondering if you already have some APP able to integrate our full process. % in our PO could change but the conditions (1,2 and 3) probably not. I mean we don’t have normal standard payments terms as N30 and so on.
Fully appreciate your feedback
Daniel
Yes! What you’re looking for is the Progress Payment app for scenarios 1 and 2. Take a look here:
https://www.apcommerce.com/business-central-add-ons/progress-payments/
For the last invoice, you would then use the installment payment app.