Payment Schedule is beneficial for tracking and communicating to your clients about their upcoming payments and deadlines and also allows your accountant to know when to claim commission.
To set up a Payment schedule,
It’s important to note that before this process, please check the Product Fee section in the Application prior, since the schedule will show the amounts and installments from the Product Fee section.
Step 1: Now, let’s go to your client’s application page for which you are looking to set up payment scheduling.
Step 2: Click on Setup Payment Schedule under Applied Intake. This button will only be visible when there are no current Payment Schedules in the application.
Step 3: When clicked, it will open a “Payment Schedule Setup” pop-up, where you will be able to set up your payment schedule for future payments in bulk.
Step 4: Then, the Installment Start Date is the due date for the first payment by the customer.
Step 5: The Installment Interval is the time interval between one installment and another. This will decide the next consecutive installment in bulk.
However, the installment date can be editable in each schedule, if the next installment date follows a different pattern. For example, if fees are paid on a semester basis, then the installment can be 4 months or 6 months.
Step 6: If you need to prepare an invoice from the payment schedule, you must activate “Setup Invoice Scheduling” by adding a date for the first invoice.
Please Note: This can be different from Installment Start Date, since most of the time the commission invoice is prepared after payment is done by the students.
Step 7: Once it’s done, then click on the “Create Schedule” button
This will create payment scheduling for all installments that have been mentioned in the product fee.
The three statuses are shown in the payment schedule: Scheduled, Nonclaimable, and Invoiced.
Scheduled means the payment has been scheduled
Non-claimable means the commission is not claimable in the payment scheduled.
Invoiced means the payment scheduled that has been invoiced.