Finance Process Explained

Finance providers

Finance payments are accessible from the POS screen.

The provider field defaults to a text input that requires manual entry for each payment. This approach can be inconvenient, inconsistent, and prone to errors. To address these issues, you can set up a finance provider preset in the store settings.

These settings enable users to manage the finance provider preset and configure how staff interact with it in the POS. For instance, making approval or contract numbers optional eliminates the need to enter placeholder text when these fields aren't required by the provider.

Contact Field

The contact field serves reporting purposes, which we'll discuss later. While you can link any contact to the finance provider, we recommend avoiding sales against the account contact.

Customer Identifier

For finance providers requiring customer identification on tax invoices, you can use the customer identifier. This appears on the contract number during payment processing. This automation speeds up the payment process and simplifies lookups.

Creating a Contact Custom Field

1. Copy the customer identifier entered for the provider

2. Navigate to the customer contact

3. Use the identifier as the field name for the custom field

Once configured, the contract field will automatically fill whenever staff process a finance payment for that customer under "My Provider."

Retention

You can enter retention fee percentages for transactions at payment. We plan to add retention percentage to the finance provider preset in store settings as a future enhancement.

After payment, select sale lines for retention on the sale screen to enable KNAPS to adjust the Gross Profit (GP) when receiving the provider's payoff.

Payoff

View customer outstanding finance payments on the customer screen.

Click the finance button in the right corner.

Then choose the lines for payoff and input the payoff value.

Payoff Reversal

There are two methods to reverse a payoff. We'll cover one method here and discuss the other in the refunds section.

Payoff Reversal From Customer Screen

Locate the payment you want to reverse and click the green button.

Note: Reversals are only available for Payoffs and must be for the full amount.

Note: You can only reverse Payoffs and only with the full amount.

Refunds

There are two refund methods for finance payments, with the choice depending on specific factors.

Refund From the Return Screen (Recommended)

We recommend processing refunds from the return screen as this links the payment to the return document.

Select the return item on the sales returns screen to refund an outstanding payment.

Refund From the Sale screen

You can follow the same steps on the sale screen. However, use caution as this method won't link the refund to a return document.

Finance Payment and Till Balance

Configure finance payments in till balance through store settings.

Important: Only payoff and payoff reversal transactions affect the till balance.

Initial payments and refunds are logged for reference only.

Finance Report

Our tool streamlines this process and improves finance process visibility. Access the report under Reports > Sales > Finance.

The report features two widgets: All Transactions and Outstanding Payments.

Note that finance payments without a provider preset appear under "Other."

All Transactions Widget

View all transactions under a finance provider and access linked Invoice and Return documents.

Outstanding Payment

Generate statements for outstanding payments and process individual or bulk payoffs.