To add a new "Installment Sale" expand the "Installment Sale" menu from the left sidebar and click on the "Add Installment Sale" menu
First select a customer then select the product you want to sell.
Enter number of installment in "Number of Installment" field then enter percentage of interest in "Percentage of Interes" field.
More about Percentage of Interest In installment products, the percentage of interest refers to the additional amount charged on the principal loan amount over the installment period. This interest rate is applied to each installment payment made by the borrower. It represents the cost of financing the purchase over time and is typically determined based on factors such as the borrower's creditworthiness.
Enter down payment amont in "Down Payment" field.
More about Down Payment A down payment in installment product sales is an initial partial payment made by the customer at the time of purchase. It is a percentage of the total purchase price and is paid upfront before the installment plan begins. The purpose of a down payment is to reduce the amount of financing required for the purchase and to provide assurance to the seller that the customer is committed to completing the purchase. Down payments vary depending on the seller's policies.
Installment duration refers to the period of time over which an installment plan extends. It represents the length of time during which the buyer will make regular payments to repay the total purchase amount, including any interest or financing charges. The installment duration is typically determined by the seller or lender and may vary depending on factors such as the type of product being purchased, the buyer's financial situation, and the terms of the installment agreement. Shorter installment durations result in higher installment payments but lower overall interest costs, while longer durations lead to lower installment payments but higher total interest costs.
Enter the duration number in the "Installment Duration" field and click the Next button.
A sample of installment sale shown below snapshot
A sample of installment sale shown below snapshot
A sample of installment sale shown below snapshot
Here are the generated Installments.
Fill up the required field and hit the submit button.
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