A Payment Schedule allows you to specify how and when a client pays you. A payment schedule can be made up of as many payments as you'd like, each payment follows a simple how much is due when formula.
There are two parts to each payment - the "how much" part, and the "when" part.
The "how much" part of a payment in a payment schedule can be one of:
Deposit/retainer: fixed amount, which is a fixed amount (i.e. $1500) as a deposit/retainer at the time of booking.
Deposit/retainer: percentage, which is a percentage (i.e. 25%) of the amount due, as a deposit/retainer at the time of booking.
Fixed amount, which is a fixed amount (i.e. $500).
Percentage of total, which is a percentage of the total amount of the order. When "deposit/retainer" is used, however, any "Percentage of Total" amounts will be calculated as a percent of the total remaining after subtracting the deposit/retainer amounts.
Remaining balance, which is the remaining balance of the order.
The "when" part of a payment in a payment schedule can be one of:
Relative to order/booking date, which can be any number of days, weeks or months after the order/booking date.
Relative to shoot date, which can be any number of days, weeks or months before or after the shoot date.
Specific date, which can be any specific date.
How to create a new payment schedule
You can add a payment schedule in two different ways:
Go to Settings > Pricing & Booking > Payments & Taxes and click the "New Payment Schedule" button. This will create a template payment schedule that you can use over-and-over again.
Anywhere a payment schedule is used (i.e. a booking proposal or an order), you can create a new custom payment schedule (or choose from a template one).
When adding/editing a payment schedule, click the "Add Payment" button to add a payment in the payment schedule, and click the "How Much" button to edit how much that payment is for, and click the "When" button to specify when that payment will be due.