Payments Finance

Use the payment type Finance to set-up a payment schedule to make payments to your financier.
This is only available when it has been set up for use in the Contract Types / Payments tab.
Visit the Contracts / Payments - Workflow page for step-by-step details on how to perform the various processes in this area.

The Payment - Principal and Interest variation also calculates interest and principal of the payment and stores that information. It does not take into account the deferred period.

The Principal and Interest calculation will add an extra row containing arrears interest if the Supplier/Financier field “Payments Arrears Interest” is ON and Contracts/Finance “Advance/Arrears” is set to Arrears.

Payment Structures

Payee (Text)

This field will be blank unless salary packaged. Read-only.

Payment Method (Text)

This field will be blank unless salary packaged. Read-only.

Schedule (Drop List)

Displays Supplier Code, Supplier Ref and Final Payment Due in format Code - Ref - Due.
Active schedule marked with *.

Supplier (Lookup)

Defaults from Contracts / Finance Financier. Updates Financier if changed.

Supplier Ref (Text)

Payment reference. Defaults from Finance Ref. Updates Finance Ref if changed.

Initial Payment (Num)

Defaults from contract values. Can be overridden. Updates Contract Initial Payment.

Regular Payment (Num)

Defaults from contract values. Can be overridden. Updates Contract Regular Payment.

CSD Rate (%)

Defaults from contract. Optional depending on setup.

Initial GST (Num)

Calculated GST for initial payment. Hidden if GST disabled.

Regular GST (Num)

Calculated GST for regular payment. Hidden if GST disabled.

Periods Deferred (Num)

Adjusts payment schedule timing without updating contract field.

Periodic Interval (Drop List)

Defaults to Monthly.

Due Day (Num)

Defaults from Finance Due Day or 1.

Total Payments (Num)

Contract term minus deferred periods.

1st Payment Due (Date)

Defaults from contract start logic. Drives schedule generation.

Final Payment Due (Date)

Calculated from first payment + total payments.

On Hold (Check Box)

Pauses payment processing.

Stop Payments (Check Box)

Stops generation of payment schedule.

Contract Totals

Life Billing Budget (Num)

Total posted/pending billing values (GST exclusive).

Life Payments (Num)

Total posted/pending payment values (GST exclusive).

Variance (Num)

Difference between billing and payments. Used for reconciliation.

Notes (Text)

Free text notes.

Payment Schedule Columns

Code

Supplier code.

Period

Payment period number.

Due Date

Scheduled payment date (links to periodic screen).

Post Date

Date posted.

Net

Net payment amount.

GST

GST amount (hidden if not applicable).

Total

Net + GST.

Action Buttons

Print

Generate PDF or CSV of schedule.

Edit

Edit pending payment rows (finance/CSD values).

Insert

Insert adjustment row (supports corrections and negatives).

Un-Post

Reverses posted payment if allowed.

Vary

Rebuilds schedule after changes (amount/term updates).

Create Payments

Generates payment records.

Screen Legend

Pending

Not posted (red text).

Pre-Post

Processing state (yellow background).

Posted

Finalised and exported.

Stopped

Cancelled due to suspension.

History Only

Informational record only.

On Hold

Temporarily paused.