If Payment Plans are not used in the AR/AP transaction, a single transaction for which the due date is equal to the transaction date, and the prepayment interest and default interest is zero is displayed. If a payment plan is used for the transaction, the payment list is displayed in lines according to the payment plan. Each line contains the Date, Day, PPI %, IOD % and Payment Amount columns.
The default value of the Payment Transactions window depends on the Administration parameters. In this way, the lines can be displayed in parts divided according to the payment plan, or as a single transaction with a due date equal to the average payment date. These defaults can be changed by selecting Average Payment or Partial Payment, and the required method can be used for each transaction. The slip is displayed on the debt-tracking window as a single line or in partial lines, depending on the last status (Partial Payment / Average Payment) of the debt-tracking window before the slip is recorded.
The average payment is calculated by establishing the weighted average using the valued on the day and payment amount columns of the partial payment window.
Example:
If the Partial Payment screen of the debt tracking window is displayed as follows:
Day |
Interest % |
Payment Amount |
1 |
4 |
4. 5 |
1 |
5 |
54 |
30 |
5 |
8. 1 |
30 |
4 |
30 |
|
Total |
96. 6 |
The values to be inserted on the Date, Day and Interest % columns of the Average Payment screen are calculated as follows:
(1*4.500) + (1*54.000) + (30*8.100) + (30*30.000)
Day= ________________________________________________
96.600
Date= Day + Slip Date
(4*4.500) + (5*54.000) + (5*8.100) + (4*30.000)
Interest %= ________________________________________________
96.600
Attention: Information on these columns is displayed on the debt -tracking window depending on the transaction type.