Transactions - Payment Schedules

Overview#

The Payments function lets you link a loan or finance calculation as a Payment Schedule to a Transaction. There are two parts to this, the first is to create a Payment Schedule for the Transaction Type. The second is to link a transaction to the Payment Schedule.

Setting Up Payment Schedules#

1. Navigate to the Main Menu > Setup > Transactions > Transaction Types.
2. Click the relevant transaction (e.g. Sales Orders)
3. Click Edit in the top-right corner.
4. Check the Use Payment Schedule checkbox.
5. Click the three dots (...) next to Default Payment Schedule.
6. Click New (button).
7. Description = Enter a description for the payment.
8. Date = Set a start date for the repayments.
9. Update = Select an option from the dropdown list:
   • Set by Percent
   • Set by Amount
   • Fixed Amount
10. Percentage = Enter the percentage that is going to be paid if Set by Percent was selected under Update.
11. Amount = Enter the amount that is going to be paid if Set by Amount or Fixed Amount was selected under Update.
12. If the percentage of amount set next to Update is not the full loan, click New (button) and repeat Steps 7-11 for the additional amount. The percentage should add to 100% and the amounts should equal the full loan.
13. Click Save.
14. Restart QuickEasy BOS Enterprise.

Creating Payment Schedules for Transactions#

1. Open the applicable transaction.
2. Enter the heading and the amount.
3. Click Menu (button) > View/Edit Payment Schedule.
4. Click the New button.
5. Complete the details as follows:
   1. Total Cost of Goods: Depending on the transaction, this field is automatically filled in (e.g. Sales Order).
   2. Add: Fees = (Optional) Enter an amount to cover admin or processing costs.
   3. Less: Deposit = Enter the deposit that will be paid. If the Payment Schedule provides for a deposit, leave this field blank.
   4. Amount to be Financed= Click Save (button) to calculate this field. (Total plus Fees minus Deposit).
   5. Interest P.A. (%) = Enter the annual interest percentage that is being charged.
   6. No. of Monthly Payments = Enter how many monthly payments will be made.
   7. Monthly Payment = Calculates the monthly instalments.
   8. Annual Escalation (%) = This field is only visible if the checkbox next to Override is checked. Enter a percentage by which the payments must increase annually.
   9. Override = Check the checkbox. Click Save (button). All the greyed-out fields become available. Edit all the fields as needed. (The unedited fields are not recalculated if override is checked).
   10. Click Save (button).