Installment Receivables Control Settings

Access

Tabs: General, Advanced

Use this routine to specify global settings for Installment Receivables processing. You must have the Extended Receivables Add-On module active in General System Control Settings on your system in order to use Installment Receivables.

General

Activate Contracts

Interest Rate is % with a Calculation

Default Terms are MonthsUse this mandatory setting to specify the default term length, in months. When creating new installment contracts in worksheet entry, the term for the new contract defaults from the installment plan or from this control setting if no term is specified for the plan.

Minimum term is MonthsUse this mandatory setting to indicate the minimum allowable term, in number of months. If you do not specify a minimum term in the installment plan, this setting is used.

Maximum term is MonthsUse this mandatory setting to indicate the maximum allowable term, in number of months. If you do not specify a maximum term in the installment plan, this setting is used.

When creating an installment contract in worksheet entry, the term defaults from the plan settings or from these control settings. If you enter an override to the default terms, your entry cannot be less than the minimum or greater than the maximum established here or in the plan settings (if any).    

First Payment Due Months after Contract ActivationUse this mandatory setting to specify the number of months following contract activation that the first installment payment is due from the customer. The system uses this setting and the contract due day to determine the date the first payment is due.

Payment Grace Days(LOCKED - STORIS access ONLY!) This mandatory setting indicates the number of days after the installment contract's due day that a payment can be made before a late fee is assessed.               

Due Date IsUse this optional setting to list the days of the month to be offered as possible customer due days during contract creation. Click the Action button at this setting to access a Due Date List Entry window in which you check the boxes for all the possible due days, from 1 through 28. The days you specify in this setting populate the drop-down at the Due Day field on the Installment Worksheet entry. If multiple days are selected, the default is the day that is closest to today's date.

Due Date may be Pushed Days Into the FutureUse this optional setting to indicate the maximum number of days in the future that a due date can be changed beyond the current due date. For example, the current due date is June 1 and this field is set to 10. The due date can be pushed to June 10, but not to June 15.                                  

Deferment Fee isThis optional setting can be used to establish a table of deferment fees to be assessed when you defer installment payments for a contract. Click the Action button to access the Deferment Fee Table window, where you can create and maintain the table. If you do not create a table, deferment fees are not assessed.

Defer Payments ConsecutivelyIndicate the number of consecutive deferments allowed on installment contracts.  

Defer Payments Within a Rolling 12 Month PeriodIndicate the number of payment deferments allowed on a contract within a rolling 12 month period.

Rebate CalculationClick the Arrow button and select the interest rebate calculation method. Choose either Rule of 78's Calculation method used in installment receivables in which insurance, interest, and principal amounts are calculated from the payment amount each month over the term remaining. or Straight-line Calculation method used in installment receivables in which the interest, insurance, and principal amounts remain the same each month, based on the Installment payment amount.. Entry in this field is mandatory.

Cancel Contract Within Days of Activation to Receive Full Interest and Insurance RebateUse this optional setting to indicate the number of "full interest and insurance rebate" days. If a contract is cancelled within this number of days after contract activation, full interest and insurance rebates are calculated.

Merchandise Return Within Days of Activation to Cancel ContractUse this optional setting to indicate the number of "return cancellation" days. If a FULL merchandise return is entered within this number of days after contract activation, the installment contract can be cancelled.

Automatic Credit ThresholdUse this setting to enter the maximum dollar amount that can automatically be credited to a contract as the result of a return, exchange (for less), or dollar only credit adjustment.

Fixed Activation Date Future DaysUse this mandatory setting to limit how far into the future your selected date can be, when you choose a fixed contract activation date during Installment Worksheet entry.  Enter the maximum number of future days here; the maximum entry for this setting is 99 days.

Maximum Days to Back-Date PayoffsIndicate the maximum number of days you can back-date a payment so that it falls within the payoff "as of" period.  

Advanced

To activate settings on this tab, check the box next to each setting or check the box in the header row to activate (check) all settings listed. You can change a setting to inactive by clearing the check from the check box. To clear all check boxes, un-check the box in the header row.   

DUE DATE - Allow Changes if DeferredTo permit changes to the due date for installment payments that have been deferred, check this box. Otherwise, leave the box blank.

DUE DATE - Allow Changes with Past Due AmountsTo permit changes to the due date on contracts with past due payment amounts, check this box. Otherwise, leave the box blank.

DUE DATE - Allow Multiple ChangesTo permit multiple due date changes on an installment contract, check this box. Otherwise, leave the box blank.

INSURANCE - Prompt the User to Print the Insurance LetterTo prompt users to print insurance letter(s) during sales entry, check this box. Otherwise, leave the box blank.

INSURANCE - Consolidate Insurance Codes on Letters

PAYMENTS DUE - Round Up to the Nearest DollarTo round up regular monthly payment (excluding final payment) amounts to the nearest dollar, check this box. Otherwise, leave the box blank.

PENDING CONTRACTS - Allow Customer to have Multiple Pending ContractsTo allow multiple pending contracts to exist for a customer, check this box. Otherwise, leave the box blank.

STATEMENTS - Generate for Installment ReceivablesTo update and generate installment statements during installment cycle processing, check this box. Otherwise, leave the box blank.  

ADDITIONAL PAYMENTS - Apply as Prepayment

PAYOFF/CANCELLATION DATE - Allow Future Dates