Use this form to create and maintain the payment schedule setup that will be used for the select contract line. Payment schedule is created per resource line, where the capital calculations is set to anything but "Not applicable".

Tasks that use this form

Maintain a new contract payment schedule

Generate schedule

Submit to contract

Navigating the form

The following tables provide descriptions for the controls in this form:

Contract line actions

The Action Pane is divided into groups that contain action buttons. You can use the buttons on the Action Pane to create new records, perform actions against a selected record, and open forms to display more information about a record. The buttons that are displayed on an Action Pane depend on which list is displayed, your personal settings for the list, and your security access.

Action Button

Description

Edit

Edit the contract line payment schedule.

Refresh

Refresh the page. (This function is only available in the grid view mode)

Export to Microsoft Excel

The function is used to export selected data to Microsoft Excel. (This function is only available in the grid view mode)

Generate schedule

This button function is used to generate the payment schedule when contract line is put in progress.

Submit to contract

This button function is used to submit the changes of the payment schedule to the contract.

Grid View

A grid displays the records that make up a list page. To sort records, click any of the columns and select the columns to display in the grid.

Field

Description

Contract ID

This field is used as a unique identifier for identifying the new Contract.

Line ID

This field is used as a unique identifier for identifying the new Contract specific lines.

Journal cycle

This defines the frequency of the billing cycle to be sent to the customer.

Bill recurrence

This field will be used to define the recurrence on which the billing will take place. For example a cycle or once-off billing.

In advance

Select this indicator if billing will be done in advance as an once-off payment or in the event of cycle but payment billing is in advance for the contract. (The cycle in advance billing is for example a monthly rental contract on a building/shop space, then payment is in the beginning of the month and not at the end).

Pricing model

Select a value from the drop down list to indicate the pricing model for the contract. The following options are available: “Variable” – “the pricing can be changed according to agreement” or “Fixed” – “the pricing model is fixed for the full duration of the contract period.” Option variable means that the cost of the resource can be changed, and fixed means that the cost for the resource is fixed and cannot be changed.

Periods per annum

This defines the periods per annum base on the journal cycle that is select. For example: Monthly cycle = 12 per annum, or Quarterly = 4 per annum.

Number of periods

This defines the number of payments that will be done for the duration of this contract. This will be calculated based on the start/end date of the contract as well as the journal cycle that is selected. For example: The journal cycle = monthly, and the contract period is 60 months base on the start/end date, then the number of payment periods = 60.

Payment schedule calculation

This defines the payments schedule calculation method that will be used for the calculating the installments per period. Compound method is currently the only method that is used for leasing contracts.

Residual amount

This defines that residual value is one of the constituents of a leasing calculus or operation. A Residual Value or "Balloon Payment" is a lump sum owed to the financier at the end of a loan term after all regular monthly repayments have been made. This allows a borrower to repay only part of the principal of their loan over its term, reducing their monthly repayments in exchange for owing the financier a lump sum at the end of the loan term.

Residual percentage

This defines that residual value as a percentage and is one of the constituents of a leasing calculus or operation. A Residual Value or "Balloon Payment" is a lump sum owed to the financier at the end of a loan term after all regular monthly repayments have been made. This allows a borrower to repay only part of the principal of their loan over its term, reducing their monthly repayments in exchange for owing the financier a lump sum at the end of the loan term.

Period base interest rate

This defines the base interest rate that show the lending interest rate that will be used by the organisation to define the customer/client contract interest rate.

Interest rate adjustment

This defines the interest rate percentage, above or below the base interest that was agreed with the customer/client to derived the contract interest rate. This rate is set on the customer profile.

Contract interest rate

This defines the contract interest rate that was agreed with the customer. When the pricing model for the contract is Fixed the contract rate will stay the same for the duration of the contract term. When it is a Variable pricing, the contract rate will be adjusted as and when the base interest lending rate is adjusted. These type of adjustments are normally based on the prime interest rates adjustments and happens quarterly.

Days per annum

This defines the number of days per annum used for the calculation of interest rate adjustments on the payment schedule transactions.

Detail View

This detail is displayed only in the header view of the form.

Fast Tabs

Tab

Description

General

This tab displays the general identification, billing and payment schedule information on a contract line. This function is divided into structure and adjustment detail.

Payment schedule

This tab displays the payment schedule line detail on a contract line.

Payment schedule detail

This tab displays the billing reference detail information on a contract line.

FastTabs

Field

Description

General - Structure

Contract ID

This field is used as a unique identifier for identifying the new Contract.

Line ID

This field is used as a unique identifier for identifying the new Contract specific lines.

Line start date

This field defines the contract start date and is used for billing purposes for this specific contract line. The contract start date will default in from the contract detail, but can be changed if needed for each of the contract lines. If the line is once-off and in advance for payment, this date will be ignored.

Line end date

This field defines the contract end date and is used for billing purposes for this specific contract line. The contract end date will default in from the contract detail, but can be changed if needed for each of the contract lines. If the extended billing indicator is selected for the contract this date will be ignored.

Journal cycle

This defines the frequency of the billing cycle to be sent to the customer.

Bill recurrence

This field will be used to define the recurrence on which the billing will take place. For example a cycle or once-off billing.

In advance

Select this indicator if billing will be done in advance as an once-off payment or in the event of cycle but payment billing is in advance for the contract. (The cycle in advance billing is for example a monthly rental contract on a building/shop space, then payment is in the beginning of the month and not at the end).

Pricing model

Select a value from the drop down list to indicate the pricing model for the contract. The following options are available: “Variable” – “the pricing can be changed according to agreement” or “Fixed” – “the pricing model is fixed for the full duration of the contract period.” Option variable means that the cost of the resource can be changed, and fixed means that the cost for the resource is fixed and cannot be changed.

Periods per annum

This defines the periods per annum base on the journal cycle that is select. For example: Monthly cycle = 12 per annum, or Quarterly = 4 per annum.

Number of periods

This defines the number of payments that will be done for the duration of this contract. This will be calculated based on the start/end date of the contract as well as the journal cycle that is selected. For example: The journal cycle = monthly, and the contract period is 60 months base on the start/end date, then the number of payment periods = 60.

Payment schedule calculation

This defines the payments schedule calculation method that will be used for the calculating the instalments per period. Compound method is currently the only method that is used for leasing contracts.

Residual amount

This defines that residual value is one of the constituents of a leasing calculus or operation. A Residual Value or "Balloon Payment" is a lump sum owed to the financier at the end of a loan term after all regular monthly repayments have been made. This allows a borrower to repay only part of the principal of their loan over its term, reducing their monthly repayments in exchange for owing the financier a lump sum at the end of the loan term.

Residual percentage

This defines that residual value as a percentage and is one of the constituents of a leasing calculus or operation. A Residual Value or "Balloon Payment" is a lump sum owed to the financier at the end of a loan term after all regular monthly repayments have been made. This allows a borrower to repay only part of the principal of their loan over its term, reducing their monthly repayments in exchange for owing the financier a lump sum at the end of the loan term.

Period base interest rate

This defines the base interest rate that show the lending interest rate that will be used by the organisation to define the customer/client contract interest rate.

Interest rate adjustment

This defines the interest rate percentage, above or below the base interest that was agreed with the customer/client to derived the contract interest rate. This rate is set on the customer profile.

Contract interest rate

This defines the contract interest rate that was agreed with the customer. When the pricing model for the contract is Fixed the contract rate will stay the same for the duration of the contract term. When it is a Variable pricing, the contract rate will be adjusted as and when the base interest lending rate is adjusted. These type of adjustments are normally based on the prime interest rates adjustments and happens quarterly.

Days per annum

This defines the number of days per annum used for the calculation of interest rate adjustments on the payment schedule transactions.

General - Adjustment - Version

Version

This field is used to create a new version of payment schedule, and will be used to show the adjustments.

Active

This field is tick to activate the newly created version.

General - Adjustment - Interest rate adjustment

Adjustment date

This field is used to create a new adjusted interest rate and this is the date that the new interest rate begin affecting the payment schedule.

Interest rate adjustment

This field is defines the new interest rate that will apply to the payment schedule. This adjustment will calculate the pro-rata interest rate from the date of the interest rate change till the end of that specific payment period. Update the payment schedule going forward to apply the new interest rate.

General - Adjustment - Capital adjustment

Adjustment date

This field is used to create a new adjusted capital payment and this is the date on which the adjustment will occur.

Capital adjustment

This field is defines the payment of a capital amount by the customer on a specific date. Pro-rata interest for the rest of the period should be calculated and deducted. The payment schedule going forward will be adjusted.

General - Adjustment - Payment period holiday/holds

Start period

This field is used to define the payment schedule billing period number to start the payment holiday/hold will be activated. This will be used when a customer/client request payment break. For that period of time the billing will not be run and the contract needs to be restructured for the remaining period.

Start date

This field is defines the payment schedule start date for the holiday/hold.

End period

This field is used to define the payment schedule billing period number to end the payment holiday/hold that was activated.

End date

This field is defines the payment schedule end date for the holiday/hold.

Payment Schedule

Period

This field is used to define the period number for the payment line. (For example if the journal cycle is monthly it will be showing the month number for the payment, a 60 month contract will have 60 periods.)

Version

This field is used to define the version of the payment adjustment.

Remaining capital

This field is used to define the remaining capital amount on the contract after the payments.

Payment

This field is used to define the period payment that was calculated for the customer. This payment amount is based on the period and full contract amount.

Capital adjustment

This field is used to define the capital adjustment amount for the related period payment.

Capital balance

This field is used to define the capital balance after the period payment was done.

Initial period interest

This field is used to define the initial period interest rate when the contracted was created and was put in progress after acceptance by the customer.

Adjusted period interest

This field is used to define the adjusted period interest rate after there was an interest rate adjustment. This will be the new interest rate that apply to the payment schedule for the remainder of the period.

Adjustment date

This field is used to define the date on which the adjusted interest rate will be affected the payment schedule.

Days until adjustment

This field is used to define the number of days until the adjustment will be started.

Days adjusted

This field is used to define the number of days that will be affected with the adjusted interest rate and be used for the re-calculation of the interest amount on the capital and the remaining period.

Period capital payments

This field is used to define the additional period capital payments that were done by the customer during the contract period.

Date billed

This field is used to define the date on which the customer was billed for the period payment.

Date invoiced

This field is used to define the date on which the customer was invoiced for the period payment.

Date paid

This field is used to define the date on which the customer did the payment for the invoiced period.

Payment schedule details

Order number reference

This field is used to define the contract ID of the record that is the origin for the required transaction.

Invoice

This field is used to define the invoice number of the customer for the contract line.

Payment journal

This field is used to define the payment journal ID for the contract line after the billing process was run.