Payment Schedules - now available

Question

We're excited to share that Payment Schedules is now available when sending invoices with Online Payments* turned on for MYOB Business and AccountRight users.

If you have ever had to send three invoices for the one job just to manage a deposit, a progress payment and a final balance, this update is for you.

With Payment Schedules, you can split invoice payments into deposits or instalments, all from a single invoice.

What you can do:

* Add a payment schedule to a single invoice
* Take an invoice deposit and collect the balance later
* Split the total into instalments due over time.
* Set custom amounts or percentages and due dates for each payment

A few things to know:

* Payment Schedules requires Online Payments to be turned on. If you are not set up yet, you can apply directly from your MYOB account.
* Available on MYOB Business and AccountRight (Lite, Pro, Plus and Premier) in Australia
* Support content can be found here

This feature came out of the feedback we have been hearing for a while, so thank you to everyone who raised it.

We will keep improving based on what you tell us, so drop a comment below if you have questions or want to share how it is working for you.

Learn more about Payment Schedules → Here

See Payment Schedules in action below:

*Use of online payments is subject to approval. Fees apply (inc GST): $0.25 per transaction + 1.8% of each payment transaction. Payments are accepted via Visa, Mastercard, AMEX, Apple Pay, BPAY, Google Pay and PayPal. View full terms and conditions.

rrestorersperth · Answer

It would be helpful if payment schedules didn't require a fixed date on every milestone. For example, we often invoice a deposit due on a set date, with the remaining balance due on completion of the work. At the time of invoicing we don't yet know the completion date, so the ability to either leave that field blank or enter free text such as 'On Completion' would be ideal.

EES · Answer

We often don't know the payment schedule in advance as we work with progress claims every month up to what stage the job is in at that point and we invoice the next % of progress.

We set it up as an order and deduct the invoices we generate from the order to keep the overview in one document. Keeping the invoice number the same for multiple invoices sounds confusing, what happens when the client pays by bank transfer for this invoice?