The total for the Month Percentage columns must equal 100%. This is true even if all values are not displayed, which is the case if the Number of Months is greater than 12.
With the In-House Loan option, you can distribute Loan payment plans to individuals, providing academic loans to students or loans to any other individuals who have an ID Number in the system.
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The total for the Month Percentage columns must equal 100%. This is true even if all values are not displayed, which is the case if the Number of Months is greater than 12. |
1. Open the Payment Plan Control window.
2. Choose Add Row from the right-click or Options menu.
3. In the new row, enter a two-character payment plan code in the Code column. Enter a description of the code in the Description column.
4. Select the Loan radio button to identify the payment plan as an In-House Loan.
5. Enter values in the Month Percentage columns. The values entered depend on the value entered in the Number of Months column.
6. Select one of the Balance for Finance Charge options, depending on whether the finance charge is to be applied to the Subsidiary Balance or the Payment Plan Balance.
7. Select the Loan Receivable Subsidiary Code (i.e., the subsidiary account from which to draw the loan).
8. Enter the Late Fee, Payment Percentage, Minimum Interest Amount, Number of Days before Late Fee Assessed, and Minimum Payment Amount definitions for the payment plan.
9. Save.
10. Access the Subsidiaries window.
11. Designate this new payment plan as the default for an individual on the Master tab of the Subsidiaries window.
12. Enter the Years Estimated Cost.
13. Save.
14. Access the Generate Payment Plans window to generate the payment plan.