When agreeing with a client to a payment plan, you can create a payment plan. We use the document status Payment Plan in iController.
There are two types of payment plans in iController:
- Simple calculation
When a client wants to pay another amount every month or on another date. - Annuity calculation (not to be used as a standard payment plan for overdue invoices)
When a client wants to pay the same amount every month (or another redemption term).
How to create a payment plan?
- On the top bar select Clients
- In the list select a debtor/client
- On the debtor sheet, select the document(s) you want to create a payment plan for
- Click on the Payment plan document status button.
- In the next window, you must first select which type of payment plan you want to use: Simple calculation or Annuity calculation.
- A payment plan with simple calculation:
- Choose the Redemption term (weekly, monthly, once every 2 weeks or once every 3 months)
- Pick a Start date
- Decide on the Instalment amount
- Costs and Interests can be added to the amount (these are defined in the company details settings. - A payment plan with annuity calculation:
- Choose the Redemption term (weekly, monthly, once every 2 weeks or once every 3 months)
- Pick a Start date
- Select the First payment date
- Decide the Number of terms
- Costs and Interest percentage can be added to the amount - Click on the green button Generate a payment plan
- A payment plan is proposed
- It is still possible (for the payment plan with simple calculation) to manually change the expected payment Date, Amount and the Number of instalments as desired.
Make sure the total amount is equal to the outstanding amount selected for this payment plan (with costs/interests included if applicable). - Click on the Save payment plan button to create the payment plan.
View, edit or delete a payment plan
On the bottom of the debtor sheet (outstanding documents), the document(s) is/are now moved to the payment plan document status. Therefor they are not in procedure, and need extra following up.
When a payment plan is active for a client, in the left menu on the debtor sheet there is the option Payment plan overview.
Here you can view, edit or delete the payment plan(s) for this client.
Send a payment plan to a client
To send a payment plan to a client, click on the name of the payment plan. On top of the next page use the button Send payment plan.
Choose an email template. If this is missing, the email template can be created in the 'general templates' settings.
Allocate payments to a payment plan
Payments can be allocated to the payment plan on the Payment Plan overview page.
Also, on the same page all history of the payment plan can be consulted.
Unallocated payments in iController can be matched manually.
Worksheet: follow up the (broken) payment plans
Documents that are in Payment plan status, do not follow the normal procedures anymore.
That's why it is important to follow up the broken payment plans on a daily basis, to be able to intervene quickly when a payment is late.
On the Worksheet you can quickly discover clients with broken payment plans in the tracking list Broken payment plans.