Payment Plans Functionality
Hi team, could you please assist with the below query from a customer?
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In terms of the already available payment plan functionality, I am just looking to see if is possible to set milestones for an event and have revenue partially recognized at these milestones instead of the usual “defer till the event is completed / closed” approach.
If this is something that can be done within the current system settings, we should be able to work with what is already available.
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Thanks for your help!
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Jas Flora FYI
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Tagging Nicole Loh Satya Ram Nukala to ask to assist on this question
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I suppose they could add multiple payment plans to the event. That way they can group service orders by when it needs revenue to be recognised and invoice accordingly. Pieter Du Plooy Would you know how else to handle this?
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Hey Nicole Loh and Pieter Du Plooy , the customer has provided further context to this request. Please see below:
Would you response still work in this case, Nicole?
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We are looking to book what are quarterly / annual bus permits into Momentus where each permit is set up for the respective period and recognises revenue on a monthly basis as time goes by.
Based on my current understanding, we have quick invoices for immediate revenue recognition and payment plans which defer revenue until the event is completed and closed off in the system.
The bus permit situation would be something in the middle where revenue is recognised regularly as the period of the permits passes.
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I don't think we have something as straightforward as that. What the client is saying almost feels like a deferral fulfilment order. https://supportcenter.ungerboeck.com/hc/en-us/community/posts/19857797770135-2023-2-Deferral-Schedules-in-Fullfilment-orders-Adding-in-EventID However I am not knowledgeable around this area to know how to set it up and whether it will work for the client exactly. I would ask for the consulting team's expertise on this one.
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Thank you Nicole Loh , much appreciated. Pieter Du Plooy or Ryan Ungerboeck , any ideas on this one? Many thanks!
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For what reason do you need a payment plan
What does a typical permit order look like along with the payment schedule?
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