Need to set reminder for user to create invoice in every 15 days or Monthly with date for particular customers
You can set auto repeat for the same which will automatically create invoices. Check the following link:
Also you can use the notification
I tried setting up the Reminder as an Event and set as Auto repeat in every month. Is this right way to do this?
Auto repeat will automatically create invoices. The automatically created invoice will also be emailed. Hence, setting up a reminder is not necessary.