Setting up the Installment Module

  • 26/02/2024
  • 6 minutes to read

The Installments module simplifies managing scheduled payments by creating, tracking, and managing payments spread across specific periods. You can define whether to include the document type in installment documents and create various installment templates with different maturity dates, applicable to both creditors and vendors.

To set up the Installment module using the assisted setup:

  1. Use the Search icon, enter Assisted Setup, and select the related link.
  2. In the Continia Finance section, select Set up Installments.
  3. The wizard will now let you divide posted items into multiple installments, each with their own due dates. You can easily assign an installment payment template to customers or vendors, or apply it while posting a document. Additionally, you have the option to decide how any remaining amounts will be distributed among the different installments.

To set up the installment module:

  1. Use the Search icon, enter, Installment Payments Setup, and select the related link.

  2. On the Installment Payments Setup page, you can configure the following settings:

    FieldDescription
    Fill Doc. Type in Installment EntriesIf enabled, the document type for each new installment entry will be the same as the original document. For example, if an invoice is divided into installments, each installment entry will also be classified as an invoice. To use this feature, you need to specify either a document number suffix or prefix.
    Please be advised that if you choose to activate this option, it is important to note that different outcomes may result from the postings. Therefore, we highly recommend that you coordinate with your accountant before proceeding. This option will clear the original invoice by issuing a credit note and reposting installment payment items under the invoice document type.
    Document No. PrefixEnter a prefix for your document number in the designated field, which can be incremented accordingly. This is necessary only if you want to use the Fill Doc Type in the Installment Entries field and do not want to use a suffix. However, you can also add a prefix without using the document type.
    For instance, when posting an invoice, a prefix such as "001-" can be added to each rate. This means that the resulting document number would look like this: 001-RE-2016-0001, 002-RE-2016-0001, 003-RE-2016-0001, and 004-RE-2016-0001. Using the prefix "001-" would allow a maximum distribution of up to 999 rates.
    Document No. SuffixEnter a suffix for the document number in the designated field. This will allow you to add up the document numbers accordingly. It is necessary to add a suffix if you want to use the "Fill Doc. Type in Installment Entries" field and do not want to use a prefix. However, you can also add a suffix without using the document type.
    Example: Posting of invoice RE-2016-0001
    Adjustment Document No. SuffixTo improve the functionality, it is important to set up both a document number suffix and a clearing entry suffix when the Fill Doc. Type in the Installment Entries field is enabled. This feature adds a sequential suffix to the document number, which helps in better tracking and management. Without this setup, multiple reversals of installment payments are not possible.
    Automatic Split at RestIf a template is selected in an installment plan and the remaining amount is not 0.00, the system will automatically calculate the remaining amount on the last installment entry.
    For example, if you have an open invoice of €4,000 and you want to divide it into three installments, the final installment cannot be zero without any remainder.
    Automatic Split PositionYou can choose whether the automatic distribution should start with the first or last position. If there is a difference in the amount when dividing it (as explained above), it will be added to one installment automatically if the "Automatic Split at Rest" option is enabled. You can now decide whether this installment should be the first or last item in the payment plan. By default, it is set to the "Last Position".
    Due Date Order CheckYou can choose whether the due dates in the installment plan lines should be arranged in ascending order.

  3. On the action bar, select Installment Templates to add a template. For more information, refer to the Adding an Installment Template article.