Recurring Invoices

Introduction

Recurring invoices are a powerful tool designed to automate and simplify the billing process for transactions or services that occur regularly. If your business offers subscriptions, monthly payments, or any service that requires periodic charges, recurring invoices become an essential solution. By using this functionality, you not only save time by not having to manually issue invoices each time but also ensure consistency and timeliness in your collections.

2. Creating a Recurring Invoice

Since recurring invoices are templates for generating invoices, their creation process is very similar. To create a new recurring invoice, follow these steps:

1. In the main menu, go to Sales, and then click on Recurring Invoices.
2. In the list of Recurring Invoices, click on the (+) button.
3. Choose the customer, location (sales), currency, start date, status (Draft or Active), and seller (employee). If you select a foreign currency (EUR$) for an invoice, a new field with the exchange rate will appear. You can adjust this rate if necessary.
4. Under the Recurrence"option, click on the (+) button, and in the pop-up window, set the frequency (One-time, Daily, Weekly, Monthly, Yearly) at which this invoice should be generated.
5. When choosing a recurring period like Monthly, set how often (x) months it should be generated and when the recurrence should end.
6. Under the Document option, click on the (+) button, and in the pop-up window, you can set the Status in which the invoice should be generated, whether you want to automatically assign the Rate on the generation date, and if you want to Send the invoice to the customer at the moment of generating it.
7. In the Content section, you can choose the products and services that will be included in this invoice. For each line, you can select a product, service, or bundle and define the quantity.
8. Each new invoice comes with one default line, but if you need to add more lines to the invoice, simply click the (+) button below the list and repeat the previous step.
9. In the totals area, you can apply discounts as a percentage (%) of the sale or as a fixed ($) amount. If you want to apply one or the other, simply click on the word "DISCOUNT ($)" and choose the desired option. Then click on the amount next to it and define the discount amount or percentage.
10. To apply additional charges to an invoice, below the totals, choose an option from the list field and define the amount in the adjacent field. If you need to add more charges, simply click the (+) button next to the list field.
11. Finally, you can define the terms and conditions of the invoice by completing the respective fields.
12. Click Save to save the document.

3. Editing a Recurring Invoice

There may be occasions when it's necessary to modify a recurring invoice. To edit a recurring invoice, follow these steps:

1. In the main menu, go to Sales, and then click on Recurring Invoices.
2. In the list, find the recurring invoice you want to modify.
3. Click on the actions menu (three horizontal dots) and then click on Edit.
4. Make the necessary adjustments.
5. Click Save to save the changes.

4. Deleting a Recurring Invoice

To delete a recurring invoice, follow these steps:

1. In the main menu, go to Sales, and then click on Recurring Invoices.
2. In the list, find the recurring invoice you want to delete.
3. Click on the actions menu (three horizontal dots) and then click on Delete.
4. You will be asked to confirm the action.

5. Stopping Recurrence

To stop the generation of invoices from a recurring invoice, follow these steps:

1. In the main menu, go to Sales, and then click on Recurring Invoices.
2. In the list, find the recurring invoice for which you want to stop recurrence.
3. Click on the actions menu (three horizontal dots) and then click on Stop.
4. You will be asked to confirm the action.

6. Resuming Recurrence

To resume the generation of invoices from a recurring invoice, follow these steps:

1. In the main menu, go to Sales, and then click on Recurring Invoices.
2. In the list, find the recurring invoice you want to resume.
3. Click on the actions menu (three horizontal dots) and then click on Resume.
4. You will be asked to confirm the action.

7. Manually Generate an Invoice

To manually generate the next invoice in the sequence, follow these steps:

1. In the main menu, go to Sales, and then click on Recurring Invoices.
2. In the list, find the recurring invoice you want to generate.
3. Click on the actions menu (three horizontal dots) and then click on Generate.
4. You will be asked to confirm the action.

8. List of Recurring Invoices and Options

Within the module, you will find a complete list of your recurring invoices, also known as invoice templates. Next to each invoice, there is an action menu (represented by three horizontal dots) that offers various tools to help you manage and monitor each transaction intuitively. The tools available in this menu include:

• Edit
  Allows you to adjust or modify details of a recurring invoice.
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• Preview
  This option lets you view the recurring invoice as it would appear once generated and in printed format.
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• Audit
  The audit displays changes made to the document, allowing for detailed tracking of modifications.
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• Generate
  This option allows you to manually create the next invoice in the series.
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• Stop
  This option pauses the automatic creation of new invoices for this recurrence.
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• Resume
  This option reactivates the automatic generation of invoices.
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• Delete
  If, for any reason, you need to delete a recurring invoice, you can do so using this option.

These menu options are designed to facilitate efficient management of your invoices and provide greater flexibility and control in handling your invoicing process.

Tips & Best Practices

Before diving into recurring invoices, here are some tips and best practices to make the most of this tool and optimize your billing process:

1. Plan Ahead
   Before creating recurring invoices, plan and understand your business models and billing patterns. This will help you set up invoices correctly and avoid confusion in the future.
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2. Regularly Review
   Even though recurring invoices are generated automatically, it's essential to review them periodically. This ensures that all charges are correct and that there are no errors or inconsistencies.
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3. Coordinate with Customers
   Always inform your customers about how and when they will be billed, especially if there are changes in fees or billing frequency.
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4. Currencies and Exchange Rates
   If you do business in multiple currencies, stay updated with exchange rates and review how they will affect your invoices.
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5. Use Preview
   Before activating a recurring invoice, use the preview option to verify that everything looks good, and the details are correct.
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6. Change History
   Take advantage of the audit feature to have a detailed record of modifications. It's helpful for resolving any discrepancies that may arise.
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7. Automation with Caution
   Automation is useful, but it's essential to be aware of when a recurring invoice stops or resumes. Keep a record or set reminders to track it.
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8. Training and Updates
   If you have a team handling billing, make sure they are trained and up-to-date with the features and functionalities of the recurring billing system.
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9. Alerts and Notifications
   Set up alerts or notifications to inform you of any issues or actions required related to recurring invoices.
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10. Customer Feedback
    Listen to your customers. If they receive recurring invoices and have feedback or concerns, take them seriously and make necessary adjustments.

With these tips and best practices, you can maximize the potential of recurring invoices in your business, ensuring efficient management and a steady income flow.

Common Issues

While recurring billing is an easy-to-use tool, it can still present certain challenges. Knowing the most common problems will allow you to anticipate and handle them properly. Here are some typical situations and how to address them:

1. Configuration Errors
   When setting up recurrence, it's possible to configure it incorrectly, such as billing weekly instead of monthly. Always double-check the recurrence settings before activating it and consider creating a test invoice to ensure everything works correctly.
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2. Outdated Exchange Rates
   If you use a foreign currency, it's crucial to regularly update exchange rates. Set a reminder to review and, if necessary, update the rates in your system.
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3. Uninformed Customers
   Customers might receive unexpected recurring invoices if they are not adequately informed. It's vital to communicate and obtain consent from your customers before setting up a recurring invoice to avoid misunderstandings.
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4. Invoices Not Generating
   Accidentally stopping a recurring invoice can lead to missed payments. Establish proper user controls and permissions and conduct periodic reviews to prevent unwanted alterations.
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5. Outdated Customer Data
   Recurring invoices could be sent to outdated or incorrect email addresses. It's essential to periodically update customer information and encourage your customers to inform you of any changes.
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6. Multi-Currency Billing Issues
   Generated invoices might not reflect the correct currency. Make sure to verify that the currency set in the recurring invoice is appropriate, especially if you've had recent changes in currency settings.
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7. Tracking Challenges
   You might encounter difficulties in knowing how many invoices have been generated or how many are pending. Use tracking and reporting tools within the system to maintain an organized and up-to-date record.

Maintaining an efficient billing process is essential for your business. By being aware of these common issues and their solutions, you can maximize the benefits of recurring invoices.