Manage and Adjust Installment Contracts

Use this routine to view installment receivables contract activity for a specified customer and to access installment entry screens that you can use to manage and adjust the customer's contracts.

The header portion of this screen prompts for the customer code. Once you indicate the customer, the customer name and Co-Applicant, if any, displays. The Installment tab displays additional customer information and a grid that lists the customer's pending, active, and historical contracts. You can then select contracts from the grid and use the extra action buttons to perform additional installment functions, such as cancel, delete, or reinstate a contract; merge and refinance contracts; defer installment payments; adjust contract balances; change contract due day; forgive late fees; etc. (See the Extra Action Buttons section below for more detail.)

Installment

The grid displays the pending, active, and historical contracts for the customer. For each contract listed, the following columns of information display.

Contract: The number assigned to the contract displays in this column.
Status: The status column displays one of the following.
Pending = The contract has been created but is not yet active. When a contract with this status is selected from the grid, the Extra Action Buttons for Review Contract Details and Update Contract Status are available.
Pending – Deleted = The contract was deleted while it was still in a pending status. This contract cannot be reinstated. When a contract with this status is selected from the grid, the Extra Action Button for Review Contract Details (in query mode) is available.
Active = The contract is currently active. When a contract with this status is selected, all of the Extra Action Buttons are available.
Cancelled = The contract was cancelled, assigned a closed reason code, and moved to installment history. When a contract with this status is selected, the Extra Action Button for Update Contract Status is available.
Closed – Rewritten = The contract was rewritten under a new contract and the original contract closed. When a contract with this status is selected, the Extra Action Button for Update Contract Status is available if there are no active contracts that list this contract number as a "previous" contract.
Closed – Paid = The contract has been paid off (zero balance), closed, and moved to history. No adjustments can be made to this contract. When a contract with this status is selected from the grid, the Extra Action Button for Review Contract Details is available in query mode.
Order: Orders associated with the contract are listed in this column.
Classification: This column displays a combination of the installment contract classification code and payment plan.
Cash Date: If the customer must pay this contract in full before the no-interest expiration date, the same as cash date displays here.
Financed $: This column displays the original amount financed.
Payoff $: The payoff amount for pending and active contracts is calculated using the system date and displayed in this column.
Next Payment Due: The date the next installment payment (current or future) is due displays for active contracts.
Amount Due $: The current (short-term) amount due is displayed for active contracts.
Past Due $: The past due amount is displayed for active contracts.
Due Day: The contract's due day is displayed.
Written From: If the contract was refinanced or merged, this column displays the original contract number(s).
Refinanced To: If the contract was refinanced or merged, the other (or new) contract number(s) with which this contract was merged/refinanced displays in this column.

To perform additional functions using the Extra Action Buttons, you must first select one or more contracts from the grid. You can click the check box on the grid line to select specific contracts, or click the check box in the grid header to select all lines in the grid. When one or more box is checked in the grid, some or all of the Extra Action Buttons are active. The availability of the Extra Action Buttons depends on the status of the contract(s) selected.

Click the Actions button at the bottom of the screen to access the following options.

Additional Action Buttons

Once you select contract(s) from the grid, one or more of the following action buttons are activated. Use these buttons can be used to perform additional Installment functions, including Review Contract Details, Update Contract Status, Merge/Refinance Contracts, Adjust Payment Terms, Defer Installment Payments, Adjust Contract Balance, and Forgive Late Fees.

The following conditions also affect your ability to use the four extra action buttons shown above.

If your system is set up to balance by cash drawer via Cash Balancing Control Settings, and you did not log in with a cash drawer, the Enter a Payment extra action is not active.

If the customer's account is closed (charged off, for example), only the Enter a Payment extra action is active.

Regardless of the user settings mentioned above, if an open credit request is on file for the customer, the Credit Request Review button is active and the Request Credit Information button is not active. To maintain the credit application, use Credit Request Review action. If you do not have access to the Credit Request Review process, the Request Credit Information action remains active instead and you can maintain the credit application via the Update a Credit Application Actions option on the Request Credit Information screen.

If an open credit request is not on file for the customer, the Credit Request Review action is not active and the Request Credit Information button is active.

Both the Request Credit Information and Credit Request Review extra actions are never active at the same time.


Review Contract Details	Update Contract Status	Installment Worksheet	Adjust Payment Terms	Defer Installment Payments	Adjust Contract Balance	Forgive Late Fees