Payment/Collection plan information is recorded on the Payment/Collection Plan window accessed by clicking the "New" button. The top section of the window is used to record general information regarding the plan definition, and the bottom section is used to record the payment method and date. The fields and functions on the payment/collection plan window are:
Plan Code: The code of the payment/collection plan. This field can contain up to 16 alphanumeric characters, and can be sorted and searched. Alphanumeric characters can be used for coding. The plan code field allows payment/collection plans to be used rapidly and accurately in operations such as searching, sorting, selection, grouping and reporting. Therefore, the plan code field is mandatory.
Plan codes should be specified considering the analyses required for banks. An information infrastructure allowing multi-dimensional analyses can be established if one or more characters of the plan code contain classification information.
Plan Description / Plan Description (2): The name or the description of the payment and collection plan. The strings are 50 characters long.
Although the description fields are important for the account record, they are not mandatory. However, since search and sorting operations can be made by description, the records are also sorted by description.
Payment Days: Payment and collection days are specified on week days field located at the right pane of the window. All days are checked as default in the application. Payment and 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 way, only the checked days are processed while the payment and collection days are calculated and specified on the day, month and year columns. If the payment or 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.
Aux. Code: A second code field used to classify payment/collection plans. Contains 10 characters. The Aux. Code is used to classify plan definitions by company specific criteria.
Authorization Code: Used to define authorizations for each record. The string is 10 characters long. Each user may be authorized to use different records depending on the job definitions. Planning must be the first step in order to define authorizations by record. First, records to be accessed by each user or user group should be specified. Then, separate authorization codes are assigned to records accessible by each authorization group. 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.
Status: The field used to indicate whether or not the defined payment/collection plan will be used in transactions. This field has two options: Active and Passive. When Active is selected, the plan definition is in active state, and can be used in AR/AP records, slips and invoices. When Passive is selected instead, the plan definition is in passive state, and therefore cannot be used in slips or invoices.
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.
The Prepayment field displays the interest rate to be applied to payments processed before the due date, and the Interest On Delay field displays the interest rate to be applied to delayed payments. The rates are entered as percentages. The amount payable is calculated based on the rate entered here.
In the LOGO application, 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 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 payment / collection plan. Group Codes are recorded using the payment/collection plan groups option located in the main records menu of the finance section. The group compatibility of the AR/AP and the payment plan is checked to prevent potential errors.
The payment condition and dates are specified during plan definition. In this way, loss of time and errors in the use of the debt tracking system and payment checks can be eliminated. The fields and functions on the payment/collection plan window are:
Payment Type: The automatic payment default of the payment / collection plan. This field contains the following options:
- No Proceeding
- Cash
- Check
- P. Note
- Credit Card
- Shop Card
- Installment
When No Proceeding is selected, the automatic payment transaction is not performed when the invoice is recorded. The invoice connection of the payment transaction is recorded during the closing transaction on the debt-tracking window.
When Cash is selected, the safe deposit cash collection or the AR/AP cash collection slip of the paid amount is recorded along with the invoice.
When Check or P. Note is selected, the payment transaction of the paid amount is recorded along with the invoice by generating a check or p. note record.
Selecting Credit Card or Shop Card indicates that the payment will be made using a credit or shop card. Credit card account definitions are recorded using the Banks option located in the main records menu of the finance section. If Shop will be used as the payment tool, the shop number of the customer should be recorded on the Contact Info tab of the AR/AP.
Payments are divided into installments when Installment is selected.
The payment type specified on the AR/AP is automatically transferred into the payments window while the sales transaction is recorded.
Bank Account Code: This option is enabled when credit card is selected as the payment type. The banks window is accessed by pressing the f10 key, and a selection is made.
Back Payment Plan: This option is enabled when credit card is selected as the payment type. The back payment plans of the related bank account are accessed by pressing the F10 key, and a selection is made.
Transaction Currency: This field is used to select the related currency type if different currencies will be used for the payment transactions. The local currency is displayed as default.
Formula: This field is used to specify the amount of transaction that the payment or collection will close. Functions and parameters can be used on the formula field. Parameters and functions used on the formula field are listed by clicking on "..." button. The formula is generated using parameters, mathematical operations and functions.
Condition: This field is used to specify the validity condition of the line within the payment/collection plan. Logical functions and parameters are used for condition definitions.
Discount: This field is used to enter the discount rate if a discount will be applied to the transaction. Dates: The date of the payment or collection on the line is recorded on the Day, Month and Year columns.
Rounding Base: It is rounding base value which is used if the amount calculated according to the formula is decimal.