The Payments Tab exists within the Billing Setup Advanced tool. This tab includes options to automatically apply payments and to automatically create payments using project funds. The section also includes invoice Terms.
Payments Tab Move
The features formerly housed in Advanced > Billing Setup > Invoices > Payment Settings—the option to automatically apply payments and invoice terms—have been moved to a new Payments tab.
Click the main menu and select Advanced from the dropdown. Select Billing Setup from the lefthand side menu and click on the tab called Payments.
You have two payment automation options that can be enabled individually but also work in tandem. Enabling both of these options supports a streamlined workflow, where:
- when an invoice is finalized, a payment sourced from project funds in the amount of the invoice is created
- once that payment record is created, it is automatically applied to the oldest outstanding balance
Automatically Apply Payments
The first option is automatic payment application. When this option is turned on, newly-created payments on a project level will automatically be applied to invoices. The payment will be applied to the finalized invoices with the oldest outstanding balance in that project, either zeroing out the balance or lowering the total due.
When this option is toggled off, payments must be manually applied to specific invoices.
Automatically Create Payments from Project Funds
The second option is to automatically create a payment using project funds. When an invoice is finalized, a payment will automatically be created, sourced from project funds, for the balance of the invoice.
If the invoice balance exceeds the project funds balance, then the amount of the created payment will be the project funds balance. If project funds are not available, the payment will not be created.
When this option is toggled off, payments will not be automatically created upon invoice finalization. Project funds can still be used manually on an individual basis for payments.
Terms refer to the length of time between the invoice date and when payment is due, and are used to calculate the default due date for an invoice. The invoice due date can be adjusted before finalization.
By default, the term code “Net 30,” making invoices due in 30 days, is included. To add new terms, click + Invoice Terms at the top of the table. In the Add Invoice Terms flyout, fill out the name and number of days. If you would like the term to become the default for the Org, select Set as Org Default. When you are finished, click Create to add the new term.
Invoice terms can also be edited or deleted by clicking on the term in the table to open the flyout, where you can edit the name and number or click Delete. (An invoice term that is set as the Org Default cannot be deleted.)