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thatoneguysteve
August 10, 2022
Question

Payment plans (36 month financing)

  • August 10, 2022
  • 1 reply
  • 0 views

So here is what I want to do

We do a project for a customer for a bill

Require 20-40 percent deposit

We finance the rest out for 36 months, sometimes with recurring interest, sometimes with no interest.

We want to automatically send them a bill monthly with the current balance, and the payment amount due (balance divided by remaining months in the event of missed payment or late fee, or final 36th invoice being total remaining due upon receipt)

Ive read many articles, none seem to fit.

I dont want to set up automatic payments from their credit card, but I would like them to have that option if possible.

This is Quickbooks Essential Online

 

An Example project is $19500 service, $7800 down payment, 36 payments on $11700 balance of $325 per month, $25 late fee.

 

 

1 reply

C
ChristieAnn 11
August 10, 2022

Hi there, thatoneguysteve.

 

I'll be providing details about automatic payments in QuickBooks Online. Then, to ensure you can monthly send a bill to your customer with detailed information about the project.

 

Making a recurring sales receipt is the only way you can automatically collect payments from the customer's credit card to pay their invoices. 

 

Since you won't set up automatic payments from their credit card, I recommend creating an invoice for $19500 and recording a partial payment of $7800. Then, you'll have to create a statement and manually send it to your customer every month. This way, they'll see their invoice summaries, payments, credits, and balances.

 

Here's how to create an invoice:

 

  1. Click the + New button. Then, choose Invoice.
  2. From the Customer dropdown arrow, select a customer. 
  3. Double check the Invoice date. 
  4. From the Product/Service column, select a product or service.
  5. Enter a quantity, rate, and amount.
  6. Select the Tax checkbox if you need to charge sales tax.
  7. When you’re done, click Save and close or Save and send.

 

After that, go to the Receive payment section and then record the partial invoice payment of $7800 as a down cost. Please follow the steps below.

 

  1. Click the + New button and choose Receive payment.
  2. From the Customer dropdown, select the name of the customer.
  3. Choose check from the Payment method dropdown.
  4. From the Deposit to dropdown, select the account you put the payment into. 
  5. Enter the partial amount or the down payment customer/client paid in the Amount received field.
  6. From the Outstanding Transactions section, select the checkbox for the invoice you're recording the payment for.
  7. Fill in the other necessary field.
  8. Click Save and close.

 

Once done, you can open this article to see the steps on how you can create and send a statement to your customer: Create and send customer statements in QuickBooks Online. Then, once everything is in shipshape, your customer can now manually pay the invoice. Please know that every time they send a payment, you'll have to record it as partial payment until it's fully paid.

 

Lastly, you may refer to this article to see details on the Sales page provides you a great at-a-glance view of the status of customers' invoices: View sales transactions.

 

Please keep me posted on how it goes and let me know in the comment if you have other concerns about managing customers' transactions. I'm always around to help, thatoneguysteve. Have a nice day!

F
FDRS
December 20, 2023

How would something similar to this be done with a recurring autopay. 

For ex.

$5000 service

$2000 deposit

Autopay for the balance of $2500; $625 month for 4 months

Nicole_N
Nicole_N
December 21, 2023

Hi there, @FDRS. I can walk you through the process of how to set up an autopay for recurring invoices in QuickBooks Online (QBO).

 

Autopay is available for pay-enabled recurring invoices. If you don't have invoices set up to recur, create a recurring invoice transaction from the settings. It's also available for customers who use the payment methods selected on the invoice, including card and ACH transactions.

 

Once your customer receives the invoice, they have the option to set up autopay as long as they have their Intuit account. If they don't have one, they'll need to create a new login. To start with, your customer opens your invoice and selects Set up autopay to enroll.

 

 

 

Then, they need to sign in using their Intuit user ID. Make sure they select the checkbox and set the correct frequency and start date.

 

 

Keep in mind that by enabling the Autopay feature, your customers will be charged, as indicated in the setup process as shown in the screenshot. This convenient option guarantees prompt and effortless payments from your customers, ensuring a seamless payment experience.

 

Once everything looks good, your customer selects the Autopay button to pay the current invoice. They’ll receive a confirmation email that the setup is successful. To check the autopay status of your customer, check out this link for more details: Set up Autopay for recurring invoices in QuickBooks Online.

 

I'm also adding this article that tackles editing recurring templates for future reference: Edit a recurring template in QuickBooks Online.

 

Please let me know if you have additional questions about the autopay feature or anything else related to QuickBooks. I'll be here to assist. Take care.

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