Adding an Installment Template

  • 27/05/2024
  • 4 minutes to read

The Installments module makes it easier to manage and monitor scheduled payments. To start working with scheduled payments, you can set up installment templates.

To add an installment template:

  1. Use the Search icon, enter Installment Templates, and select the related link. Alternatively, on the Installment Payments Setup page, on the action bar, select Install Templates.

  2. On the action bar, select New to add a new template.

  3. Enter a unique code and a description.

  4. On the action bar, select Installment Template Lines. Now, you can enter information for the specific settings of the template. For example, to divide the payment over three periods with a different percentage of the due amount.

  5. On the Installment Template Lines page, you can now define the exact allocation of the installments to be made in the future. You can make an allocation manually in the installment payment template lines. Alternatively, in the Split area, you also have an option for the system to calculate the lines automatically. Use the following fields to configure the template:

    FieldDescription
    No. of SplitsSpecify the number of installments you would like to split the payment into.
    Split DescriptionEnter the description for the rates, avoiding predefined texts if you want to use different texts per line. Placeholders are available for this purpose.
    Split Due Date FormulaWith this field, it is possible to save a valid due date formula using common values such as days, weeks, months, or years. Negative formulas will generate an error.

    Example 1: Split to 4 positions with the setup +1M:

    Rate 1 = Due date of the original entry
    Rate 2 = Due date of the original entry +1 month
    Rate 3 = Due date of the original entry +2 month
    Rate 4 = Due date of the original entry +3 month

    Example 2: Split to 4 positions with the setup +2W:

    Rate 1 = Due date of the original entry
    Rate 2 = Due date of the original entry +2 weeks
    Rate 3 = Due date of the original entry +4 weeks
    Rate 4 = Due date of the original entry +6 weeks
    Remainder of DivisionWhen a remainder or rounding difference occurs during division, you can specify where the remainder should be applied. You can choose either the first or last position. Ensuring a 100% split is crucial, as you won't be able to post the installment payment if the allocation is not exact.
    Evaluation Start DateThe Evaluation Start Date is used to validate and determine the actual due date after applying the Due Date Formula. This is a processing-only value that will not be saved to the database and does not affect the Evaluation Due Date on installment template lines.