Installment sales
Sell on installments and collect every payment on time
Set a down payment, the interest and the number of months. storek lays out the schedule, collects each payment into the right account and shows who is late.
What you can do
Everything below is part of storek today, in the same system as your sales and your stock.
- Plans in a few steps Pick a completed sale, set the months and the interest rate, preview the schedule, then confirm.
- A dated schedule Every installment has its date and amount, with the interest spread across the plan.
- Collect into the right account Each payment is recorded with its method and the cash or bank account it went into.
- Arrears you can see A dashboard shows what is due today, what is due soon and how much is late.
- Reports for the whole book Collection summary, arrears by age, the customers most behind and the largest remaining balances.
- Guarantees and settlements Keep the guarantor papers of each plan, and reschedule or forgive part of a plan with correct entries.
How it works with the rest of storek
One action, and the rest of the system follows on its own.
- You complete the sale The goods leave the stock as usual.
- You create the plan Months, interest and the down payment.
- The schedule is laid out Every installment gets its date and amount.
- Payments are collected Each one lands in its account and in the ledger.
Questions and answers
Short answers in plain words. Did not find yours? Write to us.
Ask our teamWhat is an installment plan?
It is a sale paid over months: a down payment, then dated installments that include the interest.
How do I create a plan?
Choose a completed sale, set the number of months and the interest rate, check the preview and confirm.
Can I add interest?
Yes. Set a flat interest rate and it is spread over the installments of the plan.
Can the customer pay a down payment?
Yes. The down payment is taken first and the rest is split into installments.
Does the schedule add up exactly?
Yes. The installments always add up to the sale total plus the interest, to the last cent.
How do I record a payment?
Open the installment and record the payment with its method and the account the money went into.
Does a payment update the accounts?
Yes. Every collection posts a balanced entry for you. No journal lines by hand.
How do I know who is late?
The installments dashboard shows late amounts and the customers most at risk.
What does the dashboard show?
What is owed, what is due today and soon, what is late and how well you are collecting.
Is there a report for late payments?
Yes. Arrears are grouped by how many days they are late, with the customers furthest behind.
Can I print the installments report?
Yes. The report is one printable page for the whole book.
Can I keep the guarantor details?
Yes. Each plan keeps its guarantor and the scanned guarantee papers.
Can updating the papers change the money?
No. Updating guarantor details never touches the amounts of the plan.
Can I reschedule a plan?
Yes. A settlement lets you renegotiate a plan, and the schedule stays consistent.
Can I forgive part of the debt?
Yes. Record a write off as a settlement and the correct entry is posted for you.
Is installment selling only for big showrooms?
No. Any shop that lets customers pay over months can use it, from phones to furniture.
Can I see a customer’s plans in one place?
Yes. Each plan belongs to the customer, so you see their plans and payments together.
Can I collect into a bank account or a wallet?
Yes. Choose any of your cash, bank or wallet accounts for each payment.
What happens to the stock in an installment sale?
The goods leave the stock when the sale is completed, before the plan is created.
Is the revenue recorded correctly?
Yes. The plan records the amount owed and the revenue in the ledger automatically.
Can I see the largest balances still open?
Yes. The report lists the plans with the largest remaining balances.
Can I follow how much I collected this month?
Yes. The collection summary shows the financed total, the collected amount and the rate.
Does it work with my branches?
Yes. Plans come from sales made in any branch and are followed in one book.
Can I start a plan from an online order?
A plan is made from any completed sale invoice, whatever way it was sold.
How do I try installment sales?
Start a free trial, complete a sale and create your first plan in a minute.
Try it in your own shop
Start a free trial with every feature of storek, or tell us about your business and we will show you the way.