There’s a number of ways that you can tackle this in VISUAL. And one way is through Progress Billings.
Progress billing allows you to invoice a customer in one or more increments for good/services before you actually make good on them. It was designed to meet almost any billing scheme — such as down payments!
Let’s say we have a sales order for $10K and you require a down payment of 25%.
- Select Progress Billing Entry from the SALES menu. Then enter the Order ID of the sales order you want to invoice for the down payment. You’ll notice that this window is similar to the Customer Order Entry window.
- Highlight the line item and click on the Edit Billing Events icon from the toolbar (as shown). You could also access this area under the EDIT menu
- In the Edit Billing Events window, click on the INSERT button to enter the following:Seq # = Keep the default (should be 10)Description = Enter description of down payment
Billing = Enter $ value of down payment (you could indicate a % if you prefer – be sure to select appropriate option to the right)
Event Date = Today’s date (or a date you would like the invoice for down payment to be issued)
Save and Close the window.
- Now we need the system to generate the invoice for the down payment. To do this, select Print Invoices from the FILE menu of the Progress Billing Entry window.
- You should accept the defaults and PRINT.
- An invoice for the down payment will be generated and will look similar to the following:
This down payment invoice has now been processed in VISUAL and can be accessed from the AR Invoice Entry window. I should mention that since I kept the defaults in Progress Billings – the down payment amount will be posted as Deferred Revenue.
- So time goes by and you eventually get around to shipping this order. There is no change in how you process this shipment in VISUAL. So go ahead and enter the shipment and generate the packlist. The invoice when generated through INVOICE FORM should look similar to the following:
Notice the DOWN PAYMENT line just after the SUB TOTAL? The down payment has been applied to the invoice and only the balance is remaining to be paid.