Documents and Contracts: Managing Recurring Products in Your Product List

Documents and Contracts: Managing Recurring Products in Your Product List

In Advisor's Growth, you can now incorporate recurring products into your document templates within the Document Builder. This functionality allows you to streamline billing processes by managing both one-time and recurring charges effectively. Here’s how you can set up and utilize this feature:

How to Use

Adding Recurring Products to Your Document

1. Access Document and Contracts:

   • Navigate to the Payments section in your platform.

   • Select "Documents and Contracts" and click on the option to create a new document.

2. Add Product List:

   • Include a comprehensive product list within your document.

3. Incorporate Recurring and One-Time Products:

   • Add both recurring and one-time products to your list as needed.

4. Set Up Recurring Schedule:

   • For recurring products, configure the schedule from the product list properties.

   • Define the invoice sending date as either the document's completion date or a custom date of your choice.

5. Manage Setup Fees:

   • Any setup fees associated with products will be displayed as separate line items in the product list.

6. Complete the Document:

   • Once finalized, the document will generate an invoice:

     • Recurring Invoice: If at least one recurring product is included.

     • One-Time Invoice: If no recurring products are present.

Notes

• Initial Setup Required: Ensure you have a payment integration connected to manage recurring products.

• One-Time and Recurring Charges: One-time products are billed only on the first invoice, whereas recurring products will follow their defined schedule.

• Irreversible Payment Status: Payments marked as completed cannot be reversed.

Pro Tips

• Detailed Instructions: Provide clear instructions within the document template regarding recurring payments to avoid any confusion.

• Custom Scheduling: Utilize custom scheduling to synchronize recurring payments with your business cycle, which can enhance cash flow management.

• Automate Notifications: Set up automated reminders to notify customers of upcoming recurring payments, improving the efficiency of your payment collection process.