Velocity has a powerful invoicing and payment terms module that aims to diversify how and when your customers pay for goods. When the invoicing module is enabled for your business, you can manage invoicing in one of two ways:
Per customer: a customer who isn't part of an organization has their own terms, limit, and hold settings, configured on the customer's Invoicing tab as described below.
Per organization: a customer who belongs to a Customer Organization inherits the organization's payment terms and credit limit, which you set once on the organization. See Customer Organizations.
Even when invoicing is managed by an organization, each member customer keeps their own balance. Payments on a member's terms order can draw from either the customer's balance or the organization's.
A customer's invoicing history and settings are on the Invoicing tab of the Customer Details page.
On this tab, select settings to configure a customer's invoicing options.
Terms: If this input is set to a number of net days, this enables a customer's account to place an order on terms.
Total limit: The maximum invoiced amount the customer is approved for. The customer's account is unable to place orders on terms if they are currently over the maximum invoiced amount.
Place invoicing on hold: This option marks customer's terms approval on hold while preserving your configured options.
The Balance History section of this page is an overview of a customer's invoiced orders and payments. Unapplied balance is the amount of money the customer has available to pay down invoiced orders. Amount invoiced is the sum of unpaid invoices.
The image below demonstrates the relationship between unapplied balance and invoice payments. Money from any of the customer's payment methods flows into Unapplied balance, where it is pooled together. Then, balance flows into an invoiced order to reduce the unpaid amount.
To learn more about adding balance with an online payment method, see Making a Payment. To learn more about adding balance with an offline payment method, see Recording an Offline Payment.