Info: In Accelerate, you can add a payment schedule to a Quote or to a Contract. If you add a payment schedule to a Quote, it will appear for underwriters once it has been submitted as a Proposal, and will then appear on the Contract record that the Proposal moves on to generate.
Adding Payments to a Quote
You may need to create a more complex payment schedule than paying the same amount each month. For example, you may need to add all VAT from the asset to the deposit or you may need to defer VAT payments and add them to subsequent payments.
To add a payment schedule to a Quote, click the edit pencil on an existing Quote, then click 'Edit Payments':
The following menu will be displayed:
You can select the first payment date, and you can edit the payment frequency too. Choose the correct values and click 'Save'. The following page will be displayed:
Here you can sort the payments by due date - most recent first, or latest first. Once you're happy with the payments you can save them - or, if you need to make a change to the entire payment schedule you can use the checkbox in the header of the left-hand column to select all the payments at once. You can also delete individual payments by checking the boxes next to each row and clicking 'Delete'.
Note: The system will not accept payments with a value of £0.00.
Adding Payments to a Contract
If payments are added to a Proposal/Quote, they will automatically be populated when the Contract is created. If they are not created prior to Contract creation, you can create a payment schedule on a Contract record so that you can keep track of when payments are due and when they have been paid.
Click the Edit Pencil on a contract and scroll to the ‘Payment Schedule’ dropdown and expand this. Then click ‘Create Payments’:
The following menu will be displayed:
The first payment date will automatically be set to the contract's inception date. Check the details and then click 'Save'. The following page will be displayed:
Edit any details you wish to save, add any payments by clicking the ‘Add Payment’ button and then click ‘Save’ when you are done.
Your payments are now displayed on the Contract page:
Clicking on the Edit Pencil for a certain payment will take display the following page:
Here, you can add notes to each payment as well as updating information about when it was paid and how much money was received. The status column will be updated when a payment is made or starts being overdue.
Note: If changing a contract status to Early Terminating you will need to enter a Termination date to update the status of the payments.