Understanding Installments

Overview

Logging revenue against assets under management can be the missing piece in the profitability puzzle for many. With the Installments object, these revenue deposits now have a place to call home in Practifi. Installments can be created manually using the New Installment action on both Services and Assets or synchronized automatically using an integration, like Orion Connect.

• Creating Installments
• Enabling Installments
• Customizing the Orion Integration

Creating Installments

Installments can be loaded into Practifi in two ways:

• Mass loading in revenue data using the Salesforce DataLoader or Data Import Wizard, or
• Manually building new installment records from either a Service or Asset on a specific Client.

To build a new Installment, the user will need to first choose a Service or Asset record from a Client where the revenue should be attached. Once the parent record is selected, you'll need to do the following:

1. Select the caret icon from the Record Actions menu, and choose the New Installment option from the drop-down menu.
2. Once the New Installment tab opens, enter relevant information such as the name of the record, the date it was received and general value data.  
   
3. Once all necessary detail has been added, click Save to create the Installment record, or choose Save & New to build an additional Installment record on the same Service or Asset.

Enabling Installments

Administrators can add the Additional Features - Installments permission set to your firm's permission set groups. Users in the included groups will see the following additions:

• The Installments section in the navigation panel on Client record pages.
• An Installments tab on Asset and Service record pages.
• The New Installment option in the Record Actions menu.

To add the Additional Features - Installments permission set, the administrator will need to do the following:

1. Navigate to the Salesforce Setup page by clicking the gear icon in the upper right-hand corner of the page (represented by ) and select Setup.
2. Use the Quick Find on the left-hand side to search "Permission Set Groups" and select the Permission Set Groups option within the Users menu.
3. Choose the specific Permission Set Group you would like to be able to view the Installments menu and then click the Permission Sets in Group hyperlink provided on the new page.
   
4. Select the Add the Permission Set button.
5. Tick the checkbox for "Practifi - Additional Features - Installments", and then click the Add button.
6. Finally, select the Done button.

Please note: Once the permission set has been added, users may need to log out and back into their Practifi instance to see the new Profitability section.

This process will need to be repeated for every group that you would like to have access to this menu item.

Installments on the Client record page are made visible using the Additional Features - Profitability permission set described in our Understanding Profitability article.

Customizing the Orion Integration

The Installments object is compatible with Orion Connect, so firms using Orion can immediately start syncing their Receivables into Practifi. To enable this feature, you'll need to customize Orion Connect's Enhanced Sync settings (this requires an Orion login).