Installment Contract Load

Access

Use this routine to directly create active installment contracts in your LEARN account that you can use for training purposes. You can use this process to manually enter and maintain contract information, including full payment history. Contracts entered using this process are activated immediately and do not need to be linked to sales orders.

This process cannot be run in your Live account.

CustomerIndicate the code of the installment customer. To locate an existing customer, click on the Search button to access the Search for a Customer screen via which you can select a customer. To create a new customer, click the Actions button.

ContractTo create a new contract, click the Add button to assign a new contract number. To locate an existing contract to edit, click the Search button to access the Read-Only Lookup Window, from which you can select a contract.
 

Installment PlanIf you are creating a new contract, click the Arrow button and select an installment plan code from the drop-down list. If editing an existing contract, the installment plan code fills in after you select the contract.
 

Order NumberThis field defaults to "0000000". You can indicate the order number associated with the installment contract or you can accept the default if you are not associating an order with this contract. To locate an existing order, click the Search button to access the customer's historical purchases where you can select an order.

Due DayClick the Arrow button to select the day that payments are due from the drop-down list.
 

Dates

WrittenEnter the date the installment contract was written or click the Calendar Icon to select the date.
 

ActivatedThe date in this field defaults to the written date.  Click the Calendar Icon to select the date the installment contract was activated.  This date may not precede the date written or the first payment due date.

1st Payment Due

Same as CashThis is an optional field.  This date represents the date on or before which all interest is rebated during a contract payoff.  Click the Calendar Icon if you want to select a date for same as cash.  This date may not precede the date written, the date activated, or the first payment due date.  

Elapsed MonthsThis is a display only field.  It is calculated by taking the first payment due date, less grace days and going forward, month by month, to today's date.  
Example - If the first payment due date is 01/15/2013 and the contract is being entered on 06/30/2013 and there are zero grace days (Installment Receivables Control Settings) then the elapsed months is 7.  January through June plus the 07/15/2013 which would have cycled due on 06/15/2013.

The next two fields are for informational purposes only and are not used in the calculation of finance charges.

Interest Rate %Enter the interest rate.  Enter a number between 0 and 99.99.
 

APR %Enter the Annual Percentage Rate (APR).  Enter a number between 0 and 99.99.
 

Terms in MonthsUse this field to select the terms in months.  Click the Arrow button to select terms from the drop down list.  This drop down list is defined by the Default Terms Table field in Installment Receivables Payment Plan Settings.
 

Standard PaymentEnter the standard monthly payment amount in this field.  The entry must be numeric and greater than zero.
 

Balloon PaymentEnter the balloon payment amount in this field.  The entry must be numeric and greater than zero.  In cases where the Standard and Balloon amounts are the same, the Balloon amount still needs to be entered.
 

Total $

Principal Use this field to enter the total amount financed on the contract.  The entry must be numeric and greater than zero.
 

MiscellaneousUse this field to enter a miscellaneous amount (i.e. non-filing fee).  This entry must be numeric and cannot be less than zero. This amount is rolled into the principal column in the amortization schedule.
 

InterestUse this field to enter the total amount of the finance charge on the contract.  The entry must be numeric and cannot be less than zero.
 

InsuranceUse this field to add insurance to the contract; this field is optional.  Click the Action button to add insurance via the Select Contract Insurance screen.
 

Total $

Payments MadeClick the Action button to add payments made via the Enter Payments Applied to a Contract screen.
 

Contract Balance

Notes In this field, you can enter free text relating to the selected installment contract.  This text is used for internal use only.