By adding custom fields, you can easily manage payables that are contingent on receiving payment for a particular billing. This simple example demonstrates how you can use Accounting Seed to track and automatically mark an outstanding payable Ready for Payment when a contingent billing has been paid in full. Of course, the formula in the formula field can be altered to meet other payment parameters.
1. Add three fields to the Payable object and page layout:
- A checkbox named Pay When Paid with a default of unchecked. When checked, it will identify that the Payable should not be paid until a contingent billing has been paid.
- A lookup field named Contingent Billing to relate the billing and the payable.
- A formula field (checkbox) named Ready for Payment with a formula that checks the box when the balance on the contingent billing equals zero. (Contingent_Billing__r.AcctSeed__Balance__c = 0)
- Log into Salesforce and click the Setup button.
- Click the Object Manager tab.
- Scroll down and select the object you’re adding the field to. (In this case Payable).
- Select the Fields & Relationships tab (left-hand side).
- Select the New button (upper, right-hand).
- Follow the steps to set up -- identifying the field type, field label (field name will automatically populate), desired field-level security, and page layout selection.
2. Create a new Payable list view that filters by Pay When Paid to monitor and manage payment of your Pay When Paid payables.