Deposits, due dates and installments

Installments

If you want to break payments into even amounts over a period of time, you can use this field in conjunction with a future Due selection. The time until due is divided evenly into the number of periods you select for installments, and the invoice amount is also divided evenly. If deposit is listed, that amount is due at time of billing, and the remaining balance is the amount divided up into installments.

Example: Invoice of $800 sent on 3/15, due in 2 Months over 4 Installments and a $200 Deposit would produce the following schedule:

• 03/15: $200 (deposit)
• 04/01: $150 (installment 1)
• 04/15: $150 (installment 2)
• 05/01: $150 (installment 3)
• 05/15: $150 (installment 4)

The installments are evenly divided up between the invoice date, and final due date (minus the deposit amount).

Email notifications are sent to the client when:

• Invoice is initially created

• 3 days before a payment is due (whether it is 1 installment, or total invoice)

• 1 day after it is overdue (when it is the final due date)

Deposits

If a deposit amount is entered into the deposit field, that amount is due upon receipt of contract, and is part of the total due. If entire invoice amount is due upon receipt, there is no need for an amount in the deposit field. This amount is only necessary if you require a certain amount paid immediately to secure services.