The finance module is designed primarily for appliance rental businesses working on a cash basis for tax purposes, that receive scheduled payments weekly or fortnightly.
How to register the finance module
- From the main menu strip at the top, go to Setup > Preferences > Modules.
- Check the Finance box.
- Click Save Changes.
Under the Reports menu you should now see a Finance report category option.
Setting finance payment options for an invoice
Typically a single invoice will be created for the whole rental contract period. For example the contract may be for 12 months, with 52 payments at weekly intervals.
- Create a new Invoice or edit an existing Invoice.
- In the Invoice screen, click the Extras menu at the top right, then click Finance Settings.
- The Loan Amount will default to Invoice amount.
Set the Loan Term (Months).
- Enter the Repayment Amount the customer will be required to pay at each payment interval, i.e. each week or fortnight.
- Enter the Start Date and Finish Date for the contract.
- Set the Payment Frequency Interval. If payment is required per fortnight, then set as Weekly and then set the Payment Frequency Number as 2.
- Leave the Extended Finish Date blank. This may be used if the contract is to be extended to allow for late payments.
The finance reports assist with understanding a customers current payment status and what payments are expected to be received on any given day. These are located under Reports > Finance.
Finance Payments Due
Displays all payments that are expected to be received on a specific day.