This article is to explain the behavior of payments in BillingPlatform. Payments are one component of the accounts recievable functionality in the application and are accompanied by Credits and Refunds.
Payments can be instantiated in a few ways, either directly through the Account Receivable Menu, heading to the Accounting Tab > Accounts Recievable > Account Ledger (selecting the account for which you want to apply payments) > Payments, as in below:
Another was this can be accessed in directly from an invoice, in the toolbox, there is an option to add a payment. See below:
Payments can be created as allocated or unallocated. Allocated payments are values assigned directly to an invoice, and will mark said invoice as PAID if the amount due is equal to the payment. Unallocated payments will count towards an overall account balance, but will not mark invoices as paid, which means an invoice which is unpaid can trigger a late payment, if the funds are not allocated appropriately. Allocation can be done manually, during the payment creation, or automatically by selecting the "Auto-allocate" checkbox during payment creation. Automatically allocated payments will allocate funds to the oldest closed invoice until the funds are depleted. Allocations are not permanent and can be updated in the future. If you reopen a closed invoice, the funds will be de-allocated from the invoice, but can be reapplied after you close the invoice again.
Payments can be created manually as covered above, or automated to streamline processes. If the account has a user credit card setup and billing method set as a valid external merchant payment type (credit card or bank account), the balance will be charged at the invoice due date. If you want payments to be drawn on invocie close, set the payment terms to 0 on the account setup.
Voiding a Payment
If you need to void a payment, there is a checkbox located on the form when editing a payment. Voiding a payment will de-allocate all allocated funds, and will not count towards an invoice balance, or the overall account balance. Voided payments are kept as archival records in the application.
Here are some of the areas where the document generation feature may come in handy:
- Generating welcome documents for new accounts.
- Including supporting documents when sending invoice PDFs to customers.
- Generating supplementary documents for quotes when using the CPQ feature of the platform.
- Sending documents to customers triggered from custom objects created in the platform.