What’s the best way to set up terms and invoice for mortgage / lease to own parts that we’ve sold (on sales orders)? Currently we’re doing it manually, but it’s very tedious for the 60/month we have in the system. We’re doing it outside of Epicor, calculating the principal/interest split, then invoicing manually… I’d love to do it via terms and invoices automatically somehow.
We looked into recurring schedules, but that is limited to AR Misc Invoices, and I’m not sure we could use that to pay an order.
We don’t use Finance charges, so I may be way off base here. So consider it just brainstorming…
They work on overdue invoices, so you’d have to generate an initial invoice to get the ball rolling. Then issue a “Statement” once a month (maybe with Recurring Cycle), for the monthly payment that is due. The amount shown would be the P&I you settled on. On the Cash receipts side, you’d apply payments against the initial invoice, splitting the payment into P&I (based on an amortization schedule), and apply the P to the invoice balance, and the I to an interest account.