Payment Plan (PSCHD) page allows users to view and establish payment plan information for a receivable. Users establish a payment plan to provide more flexible payment plans for customers to pay for their receivables. Users allow customers to pay for receivables in smaller amounts at several due dates instead of a lump sum by one due date.
Users can only establish a payment plan for receivables that are processed and open. A payment plan may not be established for closed or summary receivables. Once payment plan information for a receivable has been established, the system does not charge additional interest, late fees, and other finance charges to the receivable. These charges may be applied manually to a receivable, if desired.
Information on this page can be added, modified, and deleted. When a user cancels a Receivable transaction with a corresponding record on this page, the record on this page is deleted.
The schedule records associated to the Payment Plan, allows you to track the progress of payment plans. If the Create Schedule option is selected, the Status field is set to Pending, and no Schedule record exists, then Advantage will generate schedule records for the Payment Plan.