The Installment sales system is used in all companies selling with installments. In addition, this information provides great ease of use in sales with specified cash prices but without installment prices and numbers. The installment sales systems create payment plans in accordance with the installment sales logic when the orders are received. The installment calculation method is defined through payment plans recorded with the "installment" payment type.
In Logo applications, installment sales transactions are tracked starting from the order stage. Orders given by customers are recorded with payment information. In this way, companies can track sales made within pre-payment campaigns with payment and collection information in addition to shipment times.
Installment payment information on payment plans
The number of installments and the payment method for the order amount are recorded using the payment plan generated for the order slip bottom or the sales transaction on the slip line.
The Installment option on the Payment type column is selected to specify that the line on the payment plan definition window is an installment payment. The installment amount is specified on the formula and condition fields and the due date is recorded on the Day, Month and Year columns.
Installment Payment Info on AR/AP Cards
The payment type defaults of an AR/AP are recorded on the Payment Type field of the Business Info section of the AR/AP card. The payment type specified here is transferred as default into AR/AP slips and invoices. If a different payment type will be applied to the slip or invoice, the required payment type can be selected on the payment type field located in the Details section of the slip.
Payment Transactions on Sales Slips and Invoices
The payment method for sales slips and invoices is recorded and tracked using the Payment Transactions (Partial/Average) option located in the right mouse button menu.
The Payment Transactions window lists the payment transactions for the slip bottom or the transaction in the slip line with the Date, Amount and Payment Type information.
The payment transactions are generated according to the Payment Plan selected for the slip/invoice bottom or the material on the line.
The Payment Plan applied to the slip bottom is the payment plan entered on the Payments field or recorded on the AR/AP card of the order.
The Payment Plan applied to slip lines is the payment plan specified in the Material for the transaction in the line.
Payment Transaction Slips
The slips of payment transactions are generated by payment tool (payment method). The payment method use is specified on the following sections by using Payment Type option.
- Business Info section of the AR/AP
- Payment Plan card
- Order slip detail section
Once the AR/AP is selected, the Payment Type specified in the AR/AP is transferred into the Order Slip as default. If a different Payment Type will be used in the slip, the new Payment Type is selected in the Payment Type field of the Detail tab.
When a payment plan is selected for the order slips and invoices, the payment type recorded on the payment plan is transferred into the slip as default.
When Do Not Process is selected as the Payment Type, the payment transaction of the order is generated, but a slip is not generated while recording the slip or invoice.
When Cash is selected as the Payment Type, the Cash Collection Slip is automatically generated for slips of which the payment date is the same with the slip/invoice date. The section where the Cash Collection Slip will be recorded is specified using the Used In Automatic Payment/Collection parameter located in the Sales and Distribution Parameters.
The Safe Deposit Collection Slip is automatically generated when the value of this parameter is selected as Safe Deposit, and the AR/AP Cash Collection slip is generated when Administration is selected.
When Check/P. Note is selected as the Payment Type, a Check/P. Note is generated for each payment transaction regardless of the slip/invoice date.
When Credit Card is selected as the Payment Type, the slips are generated according to the selection made in the Apply Insp. Payment Plan on Payment Trans. parameter line of the Sales and Distribution Parameters.
If the Credit Card Payment Plan is specified to be applied in the payment transactions, the Back Payment Plan is automatically applied for the lines of which the Payment Type is Credit Card and for which the Back Payment Plan is selected.
If Installment is selected as the Payment Type, the Installments are automatically generated when the sales slip or invoice is recorded for the payment transactions. These records are not reflected on the Debt Tracking window.
The installment transactions are displayed in the Installment Transactions list, and the relevant payment information is recorded in the Transactions window.