Planned back payments for credits are recorded using the Planned Payments option located under the Attached Records menu of the Credits browser. Back payment plan lines are generated using the "Generate Planned Payments" option located under the Operations menu of Planned Payments window.
Planned payment transactions can also be generated automatically while defining credit records. In order to do so, the Planned Payments option located under the Operations menu of Credit definition window is used. This transaction will prompt user approval.
The upper pane of the planned payments window displays the code and description of the credit for which the payment will be recorded.
The back payment information is entered on the lines using the Insert key and on the following fields.
- Date
- Installment No
- Payment Date
- Capital Amount
- Interest Rate
- Interest Amount
- Additional Interest Rate
- Additional Interest Amount
- BITT Amount
- RUSF Amount
- Expenses Total
- Installment Total
- Capital Remaining
- Paid Amount
- Status
- Valid
The capital amount field indicates the outstanding credit amount. The interest amount is the interest amount calculated over the outstanding principal amount. The amount is the total of capital amount and interest amount.
If payment type is selected as Fixed Installment while defining a credit, payment dates and interest values are calculated using the fixed period value and period unit. Credit installment number is used as number of installments.
If payment type is selected as Variable Installment while defining a credit, payment dates and interest values are calculated using the capital amount and interest period list values. The capital amount installment number and interest installment number are used as number of installments.
If the capital and interest payment start dates are not specified, then credit start date will taken into consideration.
If either capital payment period or interest payment period is not specified, capital and interest payment lines are generated for the payment of which period info is specified.