Universal Containers is creating a new program to allow customers to pay for large orders over the course of 1 to 3 years in monthly installments beginning in the month the products are sold. The admin needs to configure Sales Cloud to accommodate the new pricing terms and to help the finance department forecast easily.
What should the consultant recommend to meet the requirement?
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A. B. C. D.C
To meet the requirement of allowing customers to pay for large orders over the course of 1 to 3 years in monthly installments and to help the finance department forecast easily, the consultant should recommend using Revenue Schedules to capture installment payment plan details for each product. Therefore, the correct answer is B.
Revenue Schedules in Salesforce Sales Cloud are used to track revenue recognition over a period of time. They are commonly used for managing complex payment terms, such as installment payments. Here's a detailed explanation of why this option is the best choice:
A. Create a Process Builder to create an Order for each installment payment: This option is not the best approach because it suggests creating a new Order for each installment payment. This could result in a large number of Orders and can make tracking and managing the payments complicated. Additionally, it doesn't address the requirement of helping the finance department forecast easily.
B. Use Revenue Schedules to capture installment payment plan details for each product: This is the recommended option. Revenue Schedules allow you to associate specific payment details with each product, including the payment amount, frequency, and duration. By utilizing Revenue Schedules, Universal Containers can easily track and manage installment payments for each customer and product. The finance department can generate revenue forecasts based on the scheduled payment dates and amounts.
C. Add a custom field to the Quotes object to capture the number of installments: Adding a custom field to the Quotes object to capture the number of installments may help capture some information about the payment plan, but it does not provide the necessary functionality to track and manage the installment payments over time. Revenue Schedules are designed specifically for this purpose and offer more robust features.
D. Set the default quantities to 12, 24, and 36 in a new Price Book for installment sales: Setting default quantities in a Price Book does not address the requirement of tracking and managing installment payments. It only affects the quantity of the product being sold. The payment terms, schedule, and forecasting requirements are not fulfilled by this option.
In summary, using Revenue Schedules is the recommended approach as it provides a built-in mechanism within Salesforce Sales Cloud to capture and manage installment payment plan details for each product, ensuring accurate revenue recognition and helping the finance department forecast easily.