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.
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.
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:
As always, you can try out this product for as long as you want in your Sandbox environment.