How to Add, Edit, and Delete Payment Collection Terms:
Adding Payment and Collection Terms
In Settings, under the Payment and Collection Terms, you can now add New Collection Terms for your product revenue.
Default Collection Terms: A default setting is labeled “Immediately” that has one box, “Month of” with 100%. The default setting is applied to all current revenue streams.
To add a new collection or payment term please follow the steps below
You can toggle between Account Payable (Payments) and Account Receivable (Collections)
Click +Add another payment/collection term
2. Enter the Name of Collection Term and Select the % Payment Per Month
3. Add additional months by clicking the + Icon (Max 18 Months)
4. Fill in the percentage fields to equal 100%
Once you've added your collection term you can now go to the Revenue Section and add the collection term to your product's revenue stream.
Deleting & Editing Collection Terms
You can delete and edit Collection Terms by going to Settings > Payment and Collection Terms and clicking the icon shown below:
From here, select whether you would like to edit or delete the plan.
Common Questions:
Deleting Collection Term:
If a pricing plan is currently configured to one of the non-default settings and the user attempts to delete it, an error message shows “You cannot delete this collection term as it is being used by an expense”