Repayments

Repayments is the function that allow to select multiple Customer or Vendor Ledger Entries and arrange them in new installments with new due dates.

Setup

Search for Repayment Setup and setup:

Creating a new plan

Search for Repayments list and create a new document.

Select the customer and the dates of the document. You can edit the description, the default General product posting group and VAT, the Company Bank Account and the Payment Method.

If you specify a Finance Charge Term, the interests will be applied to the principal amount of the Repayment. The interests are calculated in "progressive depreciation" (first interests, next principal amount).

Select the action "Get Entries" to add the open Customer or Vendor ledger entries to the repayment.

With the action "Suggest Installments" you can calculate automatically the installments or the repayment with the following constraints:

If you want to add charges (for example bank transfer costs) select the action "Charges":

You can adjust the installments as you want (changing description, due date, amount and payment method).

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Calculating the plan

Before issuing the plan, select the action "Calculate" to adjust the interests for each installments.

Possible roundings are added or subtracted from the last installment.

The report "Repayment Summary" allows you to share calculation with the Customer or Vendor.

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Issuing

When the repayment is complete you can issue it:

Issued repayments are archived in the "Issued Repayments List".

 

 


Revision #1
Created 15 September 2023 12:57:56 by Simone Giordano
Updated 15 September 2023 16:08:52 by Simone Giordano