Defining Payment Schedules
Even if a product is not defined to automatically create a
payment schedule, a payment schedule can still be created manually for an
individual order. The Payment Schedules screen allows users to define a
payment schedule associated with a specified product order. Users can enter
the schedule manually or users can have the system generate a schedule for users
based on the order line total, frequency, and number of payment to be
made. The following pay frequencies assume a payment schedule of one-year and
automatically generated the number of periods accordingly: Monthly, Weekly,
Quarterly, or Semi Annual. The periods are based on an assumed one-year
schedule. The Immediate pay frequency defaults to one scheduled payment. Manual
pay frequency defaults to zero scheduled payments in order to allow users to
manually add each scheduled payment.
To define a payment schedule:
1.
From the Work with Line Items task category, click Work with
Payment Schedule. If a payment schedule has not been previously defined,
the Payment Schedules Parameters screen displays, as shown below.
2. Select the Pay
Frequency from the drop-down.
a. Fixed
Amount: Frequency is used when the customer would like to create a payment
schedule where the payment amount is the same for all of the payments. When
this pay frequency option is selected, the user is able to define the number of
scheduled payments via the Number of Payments field which defaults to 1, but is
expected to be changed. The system will calculate the end date accordingly.
b. Monthly:
Frequency creates 12 scheduled payments. This can be changed from the Number
of Payments field. For membership and subscription product orders, the Number
of Payments field will populate based on the cycle Begin and End date. For
example, if the membership length is 8 months, the Number of Payments will
default to 8 when a "Monthly" payment schedule is created
c. Quarterly:
Frequency creates four scheduled payments. If this option is selected, the
fields in the Parameters section are enabled. For membership and subscription
product orders, the Number of Payments field will populate based on the cycle
Begin and End date.
d. Weekly:
by default, creates 52 scheduled payments. This can be changed from the Number
of Payments field. If this option is selected, fields in the Parameters
section are enabled.
e. Immediate:
This should only be used when a scheduled payment is automatically created for
an order line because the product is defined to create a payment schedule, but
the customer wants to pay the order immediately. If this option is selected,
fields in the Parameters section are disabled, and all scheduled payments are
deleted.
3. Select an Auto
Pay Method.
a. None:
Payments will be made Manually\
b. Credit
Card: Payment will be made automatically using the FAR680 batch
process.
c. Direct
Debit: Payment will be made automatically using the EFT680 batch
process.
4.
If users selected Monthly, Weekly, Quarterly, or Semi-Annually from the
Pay Frequency, define the Number of Payments and First Payment Date.
NOTE: The first payment date
should reflect the date the payment is to be billed not the date the payment is
due. For example and individual paying quarterly, the first payment date would
be 1/1/XXXX. This will provide for accurate invoicing.
5.
Click Ok
6.
The Payment Schedule Screen displays. Scroll to the bottom of the
payment schedule to see the number of payment sand the total amount to be
scheduled.
NOTE: If a partial payment
(receipt, transfer, or voucher has been issued prior to creating the payment
schedule, that payment will be display as the first scheduled payment in the
grid and will be marked “Paid”
7. Depending on the
options selected from the Auto Payment Method drop-down, the appropriate
section will display at the bottom of the Payment Schedules screen.
8. Click Save.
NOTE: Payment schedules have to be
setup for each line of an order.