How do you account for Financed Sales Orders and its corresponding variable interest?

Our company has large orders that we allow our customers to finance with us. We charge them interest each month. Currently we charge the customer the same dollar amount each month but apply it to 2 separate invoices, one for the items purchased, and one for the interest rate.

Since the amount of the payment that is applied to the purchase and interest vary from month to month, we cannot memorize the transactions.

We are looking for a way to optimize this process and reduce the amount of data entry for our employees. We were curious how other businesses handle these types of purchases. Any ideas, advice, or examples would be greatly appreciated.

Rookie Asked on August 3, 2020 in Order Management.
Add Comment
0 Answer(s)

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.
  • This site made possible by our sponsors:   Tipalti   Celigo   Limebox   Become a Sponsor