Keeping track of payments and invoices related to sales opportunities can be a challenging task for any business. However, with Salesforce, you can create a custom object that allows you to manage your payments in a more organized and effective way.
While there are a variety of options for Salesforce payment methods, in this video, we demonstrate how to create a custom object in Salesforce to track payments or invoices related to opportunities.
The first step is to create a custom object called “Payment” and relate it to the opportunity record with a master-detail relationship. This ensures that there is no payment record without a direct relation to an opportunity. By creating a master-detail relationship, you can easily track payments related to specific opportunities.
The custom object needs to have fields such as an amount field, date field, status field, and a short description field. The status field is a picklist with values such as new, invoiced, paid, and dropped. This allows you to easily track the status of each payment.
The payment records can be displayed as a related list on the opportunity record, making it easy to view all related payments in one place. You can also use roll-up summary fields and formula fields to calculate the total amount paid and the remaining amount needed.
The roll-up summary field sums up the total amounts of payments related to an opportunity record that have the status of paid. The formula field subtracts the total paid amount from the opportunity amount to give the amount outstanding.
We recommend that users look at the security settings, create automations to generate payment records automatically when an opportunity is closed, and update the user interface to display payment records only when an opportunity is closed. By doing so, you can ensure that your payment records are accurate and up-to-date.
This tutorial provides a good starting point for tracking payments within Salesforce without expensive third-party add-ons. To learn more about Salesforce, subscribe to the Rotive YouTube channel or consider taking one of our workshops or courses at academy.rotive.io.