• From: Karachi
  • Registered: 08/21/2012
  • Posts: 13

Topic: Installment Sales with Receipt Schedule

Dear Front Accounting Team

I just want to ask whether front accounting has any module for installment sales, along with receipt recovery schedules and reports.

The module should allow me to set the following things

- Total Sales Price
- Installment Amount per month / quarter
- Breakup of total sales price (like booking charges, delivery charges, sales price and miscellaneous charges)
- Due date to be set for each installment
- Installment Status report showing the installments received till date and the balance amount remaining

ahmedtaufiq's Website

  • TOR
  • Member
  • Offline
  • From: Pakistan
  • Registered: 01/07/2013
  • Posts: 44

Re: Installment Sales with Receipt Schedule

I have not see any module as such. Maybe you will need to play around with the Sales module to get what you want. But then this seems to be specific sales segment that you want FA to help you with. Don't think that will be possible without some modifications to Sales module.

This looks to me, to be for a real estate company. You could have GL accounts set up like, Sales Price, Booking Charges, Delivery Charges etc.

But Admin can probably answer this better!

  • joe
  • Administrator
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  • Registered: 03/15/2007
  • Posts: 5,089

Re: Installment Sales with Receipt Schedule

Normally we do not give support on setting up FA. I guess you can use FA for your operations. Please consult an accountant and read the wiki about your possibilities.

Joe

  • From: Karachi
  • Registered: 08/21/2012
  • Posts: 13

Re: Installment Sales with Receipt Schedule

TOR wrote:

I have not see any module as such. Maybe you will need to play around with the Sales module to get what you want. But then this seems to be specific sales segment that you want FA to help you with. Don't think that will be possible without some modifications to Sales module.

This looks to me, to be for a real estate company. You could have GL accounts set up like, Sales Price, Booking Charges, Delivery Charges etc.

But Admin can probably answer this better!

Thanks alot TOR for a well drafted reply.

Yes, you are right that i need this solution for one of my real estate company. We have different units for sale in the building and each unit has been give a standard/special installments schedule for the purchase price. I dont think that creating separate ledger accounts will serve the purpose, as I need such breakup at the unit level for the building.

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  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,089

Re: Installment Sales with Receipt Schedule

Consider using dimensions for these special targets.

Joe

  • From: Karachi
  • Registered: 08/21/2012
  • Posts: 13

Re: Installment Sales with Receipt Schedule

joe wrote:

Consider using dimensions for these special targets.

Joe

Joe, I have already tried the dimensions but it becomes too messy and complex when you have 80 units in each building and you have to create 80 numerical dimensions to manage all this in FA.

I have seen the installment receipt module in some other software, which resolves all these issues in a very easy manner. I hope that FA team would bring up this module in future and believe me, you just need the link up the existing modules of deposits and sales; to get this working.

ahmedtaufiq's Website

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,094

Re: Installment Sales with Receipt Schedule

You can do it outside of FA easily. Use a suitable table structure and design it with http://www.adminer.org or http://www.phpmyedit.org

apmuthu's Website

  • From: Karachi
  • Registered: 08/21/2012
  • Posts: 13

Re: Installment Sales with Receipt Schedule

apmuthu wrote:

You can do it outside of FA easily. Use a suitable table structure and design it with http://www.adminer.org or http://www.phpmyedit.org

Apmuthu, It would be great if you please ellaborate in detail on how to do it, rather than quoting the alternatives of phpmyadmin.

ahmedtaufiq's Website

  • From: USA, CA, Los Angeles
  • Registered: 07/02/2013
  • Posts: 24

Re: Installment Sales with Receipt Schedule

Interesting, I am struggling with what seems to be a very similar task as OP for professional services (consulting) context. Say, the project is $1M (I wish, but hey - men can dream smile ). And there is a payment schedule - maybe $100K at signing, $250K two months later, etc. So, I would like to send invoices and receive payments (including, of course, GL transactions, account balances, etc) along the way.

Is it possible out of the box? or with some modifications?

Or I completely misunderstood OP and it's a different situation?

  • From: Karachi
  • Registered: 08/21/2012
  • Posts: 13

Re: Installment Sales with Receipt Schedule

virshu wrote:

Interesting, I am struggling with what seems to be a very similar task as OP for professional services (consulting) context. Say, the project is $1M (I wish, but hey - men can dream smile ). And there is a payment schedule - maybe $100K at signing, $250K two months later, etc. So, I would like to send invoices and receive payments (including, of course, GL transactions, account balances, etc) along the way.

Is it possible out of the box? or with some modifications?

Or I completely misunderstood OP and it's a different situation?

Virshu, I also have the same scenario as you have described above. There is no immediate and specific module available in the FA currently. What i have done to overcome this payment schedule thing, is to create separate sales invoice at different dates in the sales modules.

For Example, following is the payment schedule provided to the client
1) Jan 01, 200X : USD 100 (Down Payment for booking charges)
2) March 01, 200X : USD 500 (Installment No.1)
3) June 01, 200X : USD 600 (Installment No.2). .....so on and so forth.

I have created the invoice with date Jan 01, 200X and set due date after 10 days....similarly created two more invoices with date March 01, 200X and June 01, 200X with due dates after 10 days.

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