Help CenterRecur360 allows you to automatically use Term Discounts. With Term Discounts, you can provide a discount to your customers if they fully pay off their Invoices within X number of days after the Invoice date. The discount gets applied as a Credit Memo written to QuickBooks/applied to the Invoice. Early payment discounts are always applied to the invoice with those terms if the invoice is paid within the number of days from the invoice date. If an invoice qualifies for early payment discount and you do not want the discount to be applied (either in Recur360 or from the Pay Online link) you will need to edit the invoice and change the terms on the invoice to one that does not use the early payment discount.
To setup early payment discount terms you will need payment terms and an item (used on the credit memo) setup in your QuickBooks.
First setup terms in QuickBooks Desktop. Note: Recur360 only syncs with "Standard" terms types, not date driven terms. You can select the discount percent and discount if paid within x days. This information will populate into Recur360 when you are setting up the terms discounts.
Next setup an item to use as a line item on the credit memo Recur360 will create to apply the discount. This can be a service or other charge type item.
Make sure to sync with Recur360 if you have added or edited any of the terms or items.
Now in Recur360 under Settings- Account configure each term that will apply a discount.
Use the Add New Term Discount button to setup the term in Recur360
If you choose a term that is setup for discounting in QuickBooks it will automatically populate the number of days and percent fields to match what is in QuickBooks. Select the Credit Memo item and modify the description (that will show on the credit memo line). You can also link the credit memo to assign a class when it creates the credit memo.
If you would like the credit memo to use the same class as the invoice that created it check this box:
How it works
Any invoices assigned to one of the configured early payment terms will show in the collection center with a Discount Date and Discount amount.
This will tell you the amount that will be paid by credit memo if the invoice is paid by the Discount Date. If you Process Payment from the invoice screen you will the detail of the term discount that will be applied.
Note: If you are processing payment for multiple invoices through the collection center (either using the Process Payments or Receive Manual Payments buttons) it will not show the detail of discounts that will be applied.
If your customers click the Pay Online link in an invioce those same fields will show to them.
When the customer clicks the Continue To Payment button it shows the discount detail in the Amount to Charge section.
When that invoice is paid either through Recur360 screens or the Pay Online link Recur360 creates a credit memo for the discount amount, applies the credit and then processes payment for the remaining amount. Each invoice shows the detail of the credit memo and payment that were applied.
The Payment/Credit History tab in the invoice shows the detail of the payment and credit memo.
The payment and credit memos then post to QuickBooks.
In the credit memo in QuickBooks we record the invoice information linked to that credit in the memo area for reporting.
The transaction history on the invoice also shows the payment and credit memo, like the QuickBooks native workflow does.
In Recur360 you can also view the Credit Memo History report under Reports - Credit Memos to show any credit memos and the invoices they were applied to.
