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Payment/Collection plans are recorded using the New option located in the Payment/Collection Plans browser under Finance > Definitions menu.
The following information is recorded on the definition window:
Payment/Collection Plan Code: The code of the payment/collection plan. A key field of 16 characters long. Alphanumeric characters can be used for coding. The Code field is mandatory. Code information is the most basic information allowing the payment/collection plan cards to be used rapidly and accurately in operations such as searching, sorting, selection, grouping and reporting. Therefore, this is the only field marked as mandatory while definitions are recorded. Therefore, analyses required for payment plan definitions must be considered while assigning codes. An information structure allowing multi-dimensional analyses can be established if each character or character group of the payment/collection plan code contains a classification information.
Payment/Collection Plan Description (1) (2): The name or the description of the payment/collection plan. The card contains 2 description fields. The description field is also an important field for payment/collection plan cards. However, definitions can also be recorded without entering description. However, all transactions such as search, sorting and selection are also performed by the description. Payment/collection plans are also sorted by their descriptions.
Credit Card Account Number: Indicates the bank account number of the credit card on the payment plans defined for credit card payments. Recorded credit card bank accounts are listed by clicking the "…" icon, and the related account is selected.
Aux. Code: A code field of 10 characters used to group payment/collection plans. The Aux. Code is used to classify plan definitions by company-specific criteria.
Authorization Code: Used to define detailed authorizations. The string is 10 characters long. Each user may be authorized to use different records depending on job definitions. Records are encrypted according to the information provided on the Auth. Code field so that only the users who log in with the specified authorization code can access and process the records.
Payment Days: This field contains the days of the week and is used to specify the payment/collection days. All days are checked as default in the application. Valid payment/collection dates are calculated according to the days specified here.
The days that should not be processed in payment and collection date calculations should be unchecked. In this case, the payment/collection day to be specified on the day, month and year columns at the bottom of the definition window is calculated by processing checked days only.
If the payment/collection date is on an unchecked day, the transaction is postponed to the next day. When all days are checked, since the payment date calculations processed also Saturdays and Sundays, a due date difference is applied to payments made on Monday.
Interest Rates
Interest rates to be applied to prepayments or delayed payments are specified on the payment/collection definition record. Payment plan lines for AR/AP transactions are automatically generated according to the conditions and dates specified on the payment plan definition screen.
Prepayment: The interest rate to be applied to payments before due date. Given as a percentage. The amount to be calculated through this percentage by processing the due amount is considered the payment amount.
Interest on Delay: The interest rate applied on late payments. Given as a percentage.
The date of each payment is calculated automatically by adding the Value (number of days) specified on the Day, Month and Year columns of the Payment Plan to the transaction (e.g. invoice) date. The start date of the value is the Transaction Date. Debt Tracking transactions process the payment/collection amounts and dates calculated by processing the formulas provided using parameters and functions in Payment/Collection Plan definitions.
Group Code: The group code of the defined plan. Used to classify payment/collection plans under certain groups. Payment/collection plan group codes are recorded using the Payment/Collection Plan Groups option located under the Definitions menu of the Finance section. The AR/AP and payment plan group compatibility is checked to prevent potential errors.