If you edit the settings for an existing installment plan, the changes do not affect customer contracts created before your edits. Only new contracts created after your changes are affected.
General
Installment PlanTo create a new plan, enter a code of up to 5 alpha-numeric characters to identify this installment payment plan. To edit an existing plan, indicate the plan code or click the Search button to select an existing plan from the list.
ActiveYou can use this optional setting to define the date on which the plan becomes available. If you leave this field blank, the plan is available now.
ExpiresYou can use this optional setting to define the date on which the plan is no longer available. If you leave this field blank, the plan does not expire.
The Active and Expires fields can be used together to define a date range or independently of each other. If you define one, you are not required to define the other.
InsuranceUse this optional field to specify one or multiple default insurance plan codes. Click the Action button to access the Select Insurance window, where you can select one or more insurance plans.
Minimum term is MonthsUse this optional field to indicate the minimum number of months allowed for this plan's term. Entry must be numeric and is checked during installment worksheet entry.
Maximum term is MonthsUse this optional field to indicate the maximum number of months allowed for this plan's term. Entry must be numeric and is checked during installment worksheet entry.
Default Terms TableUse this optional field to create and edit a table of default terms for this plan, based on finance amounts. Click the Action button to access the Default Terms Table window, where you can maintain the table settings.
Enter up to 4 decimal places in the % entry box and then click the Arrow button to select the Straight Line Interest or Declining Balance (APR) method in the Calculation field.
Indicate the number of days following activation of the contract that you want to use in the calculation of the first payment due date. This field works in conjunction with the due day incustomer settingsto calculate the due date for the first payment. Leave this field blank if you are indicating a date in the First Payment Due On field or entering a value in the No Payment for NN Months field.
Inserting a value in this field impacts APR calculation by reducing the APR shown in the Installment Worksheet. For example, an installment plan is set with a 21.46% interest rate. That plan is added to a customer's order and the contract has a term of 12 months. If this field is populated with '30', the customer is given an additional 30 days at 0% interest which then causes the APR to be reduced to 19.82% since there is now a total of 13 months of financing for the price of 12 months.
Contracts Paid Within Months Qualify for Same as CashIf this is a "same as cash Type of contract where customer agrees to pay total amount due by specified date to avoid paying interest and insurance fees on financed amount. If customer pays by the due date, interest and insurance are rebated." plan, enter the number of months to be used to calculate the cash date. If there is a value in theNo Interest for __ Monthssetting below, that value defaults into this field and this setting is inactive. If the contract is paid off prior to the cash date, interest and insurance amounts are rebated.
Use this optional field to indicate the number of months that are "interest free" with this plan. For example, if you set this field to "3" and the contract is written for 12 months, finance charges are calculated based on 9 months. The interest is applied to payments 4-12; payments 1-3 do not include interest.
The setting INTEREST - Use ONLY remaining term after "No Interest for Months" to calculate interest uses this field to calculate interest.
If a value is entered into this field, that value defaults into the Contracts Paid Within __ Months Qualify Same as Cashfield, which becomes inactive.
No Payments for MonthsThis field is active if you leave the First Payment Due NN Days After Contract Activation and First Payment Due On fields blank. Use this optional field to indicate the number of months that are "no payment months" with this plan. For example, if you set this field to "3" and a 12 month contract is written, the finance charges are calculated based on 12 months, but spread over 9 payments. The first payment due date is pushed out 3 months.
First Payment Due on This field is active if you leave the First Payment Due NN Days After Contract Activation and No Payments for NN Months fields blank. Use this optional field to indicate a specific (or fixed) date when the first payment is due for this plan. Click the Calendar icon to select a date.
Requires a Deposit of %, $ Use this optional setting to indicate a minimum deposit required for this plan. Enter the minimum as either a percentage or as a dollar amount. This setting is checked during Installment Worksheet entry.
General Ledger AccountsClick the Action button at this field to access the General Ledger Accounts screen, where you specify the GL accounts to be used when posting Receivables, Earned Interest, and Unearned Interest for this plan. Entry in this field is mandatory.
The following two fields are only available when the "No Payments for ____ Months" is left blank. The Review Contract Details screen displays payment terms based on these two fields, if used.The Principal column of the Contract Amortization Schedule may yield a negative principal amount for the first few monthly installments as a result of the Fixed Monthly Payment Amount.
The installments following the fixed monthly payment term on the Contract Amortization Schedule may display inflated payment amounts, reflecting the fact that the prior installments are under-charging.In the example below of a 12 month contract and an 11 month fixed payment term, the last installment is a balloon payment. The following two fields are also available to enhanced laser printing and to the data warehouse.
You can use this field to offer an installment plan with a low fixed payment amount for the earlier installments and the remaining amount due on the last or later installments. Use this field to indicate the minimum monthly amount due for the number of installments indicated in the following Fixed Monthly Payment Term field. The amount you enter here displays in the Remaining column on the Contract Amortization Schedule screen. If you enter an amount here, you must enter the number of installments at the next field.
Use this field to specify the number of monthly payments that the Fixed Monthly Payment Amount (previous field) is due. The term can range from 1 to 999. If you enter a term in this field, you must indicate the payment amount above.
Examples: If the fixed monthly payment term is set to 11 for a 12 month contract, and the fixed monthly payment amount is set to $50, the first 11 installments display an amount due of $50 and the last installment displays the remaining amount due. If the fixed monthly payment term is set to 12 for a 24 month contract and the fixed monthly payment amount is set to $50, the first 12 installments display a fixed monthly payment amount of $50 and the remaining amount due is spread out evenly among the last 12 months to determine the last 12 payments.
Eligibility Definitions - Select this option from the Actions menu to establish restrictions for the use of this installment plan.
Advanced
Activate a Setting by Selecting a Checkbox
FEES - Late ChargeTo assess late fees for overdue payments during cycle processing for this installment plan, check the box at this field. Otherwise, leave the box blank.
This setting determines how interest is calculated on a principal amount when a plan contains a period of no interest. This field uses the no-interest period set in the No Interest for __ Monthssetting on the General tab of this process. This setting is checked by default.
If checked, interest is calculated only on the principal amount that excludes no-interest period. For example, a 24 month installment contract with a 6 month no-interest period has interest calculated for months 7-24.
If unchecked, interest is calculated for the full principal amount regardless of the No Interest for __ Monthssetting. For example, for a 24 month installment contract with a 6 month no-interest period, month 7 begins interest payments calculated for the entire 24 month installment contract.
If you edit the settings for an existing installment plan, the changes do not affect customer contracts created before your edits. Only new contracts created after your changes are affected. 
Interest Rate is % with a Calculation