In House Finances

In this Module you may offer credit to your customers without involving any external finance agency.

Now, in AltheaSuite you can use In House Finance.

Step 1: Login to your AltheaSuite account.

You will be able to find this module in the main menu as “In House Finances”. 

Step 2: Go to the Settings module. Click on the In House Financing option.

In the In house financing Settings, enable Allow In-House Financing and Save.

This setting will display the Finance In House option in the Invoice.

Step 3: From the main menu options, go to In House Finances > Contract Rules > New. To set the contract rules.

You may create the rules based on either Amortized Loan (Fixed monthly payments) or Credit card type Loan (Monthly payments are calculated on remaining principal).

Down Payment : This allows to set a down payment for financing. It can be specified as percentage of total amount or a fixed amount for down payment to be paid.

Apply Smaller / Apply Larger : These options determines how the system will calculates the down payment when both percentage and a flat amount are entered.

Contract : Choose the Loan type that determines how monthly payments are calculated:

Amortized Loan : The total Loan amount including interest is divided into equal monthly installments. Each payment covers both principal and interest.

Credit Card Type Loan : The total Loan amount is divided into equal monthly installments. Each payment covers the principal.

Late Fees : It can be defined as per percentage of total amount or a flat amount to be paid.

No. of Days after Due Date : It specifies how many days after the due date the late fee should be applied.

Reminders : It allows to setup automated reminders for due payments. 

Reminder sequence days : It defines the interval between the reminder notifications sent to customer.

Step 4: From the main menu options, go to Sales > Sales Invoices > Create Invoice. 

Click on Pay Now, to complete the payment for the invoice on Payment Screen.

On the payment screen, click on Finance In House to make the Payment Schedule.

Select the contract rule customer wants to choose and Click on the Apply button at the bottom of the screen.

Note : The Contract Rule can only be Modified / Cancelled before any payment is made on the contract.

Receive Down payment using the payment method customer wants to use and Save.

Print Sales Invoice : When printing the Sales Invoice, it will include the payment plan details.

Step 5: Review the Contract number in Finance Contracts. Click on three dots to view the payments received on the contract and to access the payment schedule.

Step 6: Enter the contract number in Finance Notice to see details of schedule payments and to receive payment on notices.

By clicking on the three dots, the payment of that particular notice can be received.

Scenario 1: Customer pays the total due on the specific notice.

The Customer pays the total due on the specific notice and selects a payment mode to complete the transaction. 

Scenario 2: Customer pays Additional amount on specific notice.

The customer can pay an Additional amount beyond the due amount on the specific notice, which will be adjusted and a new payment plan will be created.

A new payment schedule has been generated based on the remaining due principal amount.

Scenario 3: Customer Pays Less Than the Due Amount on a Specific Notice.

If the Customer pays an amount less than the due amount on a specific notice, the payment will be recorded accordingly. However, the next notice cannot be processed until the previous notice is fully cleared.

Scenario 4: Late Fee Charge

If the customer makes a payment on notice after the due date, a specified late fee will be applied according to the contract rule. The late fee will be added to the total amount due and reflected in the notice while making a payment.

Scenario 5: Missed payment ‘Mark As Not Received’.

If the customer missed the payment, it can be marked as ‘Mark As Not Received’ and the status will be updated accordingly (Not Received).

In the next notice payment can be accepted of the missed notice (with late fee) along with the current statement due amount.

Scenario 6: Total Pay Off

The Customer can also close the loan by making the full payment, which will be reflected on “Total Pay off”.

Step 7: Under the Finance payments you may find the payment records and can take the print of payment receipts.

Reports :  Following reports provide a detailed view helping businesses track and manage In house financing efficiently.

Finance Contract_Laser : This report provides detailed summary of the Finance contract.

Finance Payment Document_Laser : A record of the payments received and pending related to the finance agreement.

Finance Payment Notice_Laser : An acknowledgement of the payment received.

Payment Schedule BreakDown_Laser : It shows detailed Breakdown of payment schedule, including due dates, installment amounts and the repayment structure.