Payments 1st Payment Due

Finance

Below are the data population rules that are applied to a finance payment, unless edited by the user.

Subsequent payments are scheduled using the appropriate “Due Day” if the periodic interval is Monthly.
Other intervals such as Weekly and Fortnightly cascade from the “1st Payment Date”.

1. Initial Payment defaults from Contract / Finance "Initial Payment"

2. Regular Payment defaults from Contract / Finance "Regular Payment"

3. Periods Deferred defaults from Contract / Finance "Finance Deferred"

4. Due Day

   1. Contract / Finance "Finance Due Day" defaults here if populated, else ( see also Note 1)

   2. defaults to '1'

5. Total Payments - calulated from "Term" less "Finance Deferred"

6. 1st Payment Due

   1. defaults from Contract / Finance "1st Payment Due"

   2. if not populated, the first instance of the "Due Day" that occurs after the "Contract Start" date is used

   3. if "Periods Deferred" is populated, "1st Payment Date" is increased by that number of months

Finance Date Examples

Note 1

1. Contract / Finance "Finance Due Day" is populated using the Finance Due Day business logic if the following conditions are met

   1. Contract / Finance “Finance Start” is entered or edited AND

   2. Suppliers / Account “Pay Due” has a valid stored value, else

Insurance

The “1st Payment Due” date is populated as follows (in preference order):

• The '1st Payment Due' date is populated as follows (in preference order);

  1. Due Day defaults to '1' unless changed.

     1. Changes here will update the calculated value of "1st Payment Due" if Contracts / Insurance "Start Date" is not populated

  2. Periodic Interval

     1. if payments are 'Monthly' (or fit a "Due Day" profile), subsequent payment dates will be scheduled using the stored "Due Day"

     2. other intervals such as 'Weekly' and 'Fortnightly' will cascade from the "1st Payment Date" used.

  3. 1st Payment Due

     1. defaults from Contracts / Insurance "Start Date"

     2. if blank, a combination of the stored "Due Day" and the month after Contracts / Billing "Contract Start" is used calculate this date

     3. you can edit this date to set a preferred date

Insurance Date Examples

Roadside Assistance

The '1st Payment Due' date is populated as follows (in preference order);

1. Populate with the Contracts / Vehicle "Start Date" and populate the "Due Day" with the Contracts / Vehicle "Start Date" DAY, if this field is blank;

2. Populate with the "Due Day" date that occurs in the month following the Contracts / Billing "Contract Start" date.

Notes;

1. "Due Day" default is '1'

2. "1st Payment Due" can be edited to use any desired date.

3. Changing the "Due Day" and/or the "Periods Deferred" will update the "1st Payment Due" if no schedule exists and no "Start Date" [Insurance tab] exists.

4. Subsequent payment dates will be scheduled using the appropriate "Due Day" if payments are Monthly (or fit a "Due Day" profile); others such as Weekly and Fortnightly will cascade from the "1st Payment Date" used.

Roadside Assistance Date Examples

Management Fee

The '1st Payment Due' date is populated as follows (in preference order);

1. "Due Day" default is '1'

2. Populate with the "Due Day" date that occurs in the month following the Contracts / Billing "Contract Start" date.

Notes;

1. "1st Payment Due" can be edited to use any desired date.

2. Changing the "Due Day" and/or the "Periods Deferred" will update the "1st Payment Due" if no schedule exists and no "Start Date" [Insurance tab] exists.

3. Subsequent payment dates will be scheduled using the appropriate "Due Day" if payments are Monthly (or fit a "Due Day" profile); others such as Weekly and Fortnightly will cascade from the "1st Payment Date" used.

Management Fee Date Examples