Field
Level InformationA Schedule record contains identification, control, and reporting information about one or more sets of Schedule Detail records. A schedule is always required and multiple schedules are allowed for evaluation purposes, but only one can be marked as the Selected Schedule.
The following actions can be taken:
Refer the "Special Debt Transaction Actions" topic of this user guide for more information on these actions.
Field Name |
Required? |
Field Description |
Line Number |
System Set |
Each Schedule record is identified by a system-assigned number starting with 1. |
Schedule Type |
Required |
A field that will not only control edits but is a primary input into the Generate Schedule action. Valid values include the following choices, but please see the Loan, Lease, and Bond Functionality topics for limitations for those types of debt. When not using the action to generate the schedule, please try to enter a value that matches or very closely matches the Schedule Details to provide helpful information for online inquiry and reporting.
Changes to the Schedule Type field are not allowed if the schedule is already recorded on the registry as a result of an earlier transaction processed. If the schedule is incorrect for a schedule created in the current version of a debt transaction, it can be changed. If the schedule is found to be incorrect after being recorded on the registry, then the Selected Schedule flag for the schedule should be cleared and another schedule created. |
Schedule Name |
Optional |
A name that can be given to a schedule for identification purposes. This is often helpful when entering different schedules for evaluation. If a Debt Terms code is entered in the Terms tab, the name for that code will infer from the Debt Terms page to the Schedule Name field if that field is blank. |
Schedule Short Name |
Optional |
A short name that can be given to a schedule for identification purposes. This is often helpful when entering different schedules for evaluation. If a Debt Terms code is entered in the Terms tab, the short name for that code will infer from the Debt Terms page to the Schedule Short Name field if that field is blank. |
Schedule Description |
Optional |
A description that can be given to a schedule for identification purposes. This is often helpful when entering different schedules for evaluation. If a Debt Terms code is entered in the Terms tab, the description for that code will infer from the Debt Terms page to the Schedule Description field if that field is blank. |
Import File |
Optional |
A field where you enter the file name of the attachment made to the Schedule with the Schedule Details for importing. The pick can be used to select the file so you do not have to enter the file name. |
Selected Schedule |
N/A |
One Schedule has to have this flag checked. The Schedule with this flag checked is the one used by all the Debt Management batch jobs as the ‘active’ schedule. The flag differentiates a schedule from those schedules considered but not chosen as well as historical schedules. |
Historical Schedule |
System Set |
This flag only appears on the modification transactions as there will never be a historical schedule on a setup transaction. When a schedule has been used, at least one record has a Processed On date, but a new schedule has been entered and flagged as the Selected Schedule, the system sets the prior schedule as the Historical Schedule. |
Bill Principal |
N/A |
This flag is only found on the loan transactions where it is an option to record principal but not bill/pay that principal with the Debt Payment & Billing Chain. This scenario is present in certain loans where the agreement is that the borrower doesn’t have to pay any principal but only interest as long as one or more conditions are met. Should the borrower fail to meet these, then a modification transaction is processed to check the flag and begin automatic billing/payment. Checking the flag after it has been unchecked will result in past payments or billings of principal previously skipped being created if there was interest paid or billed so that the Schedule Detail was updated. |
Bill Interest |
N/A |
This flag is only found on the loan transactions where it is an option to record interest but not bill/pay that interest with the Debt Payment & Billing Chain. This scenario is present in certain loans where the agreement is that the borrower doesn’t have to pay any interest but only principal as long as one or more conditions are met. Should the borrower fail to meet these, then a modification transaction is processed to check the flag and begin automatic billing/payment. Checking the flag after it has been unchecked will result in past payments or billings of interest previously skipped being created if there was interest paid or billed so that the Schedule Detail was updated. |
Manual Payments/Billing |
N/A |
This flag is used to signal the Debt Payment & Billing Chain should skip the debt instrument because transactions will either be created manually or interfaced. All other automatic processing will continue to select the debt instrument. Checking the flag after it has been unchecked will result in past payments or billings previously skipped being created if the manual transactions did not reference the Debt ID, Schedule, and Schedule Line so that the Schedule Detail was updated. |
Generated Schedule |
System Set |
This flag is set by the system when the Generate Schedule action is taken to signal the Schedule Details were created from the Term fields. If a change, deletion, or insertion is made to the Schedule Details after the action, the flag is unchecked by the system. |
Reporting Field 1-5 |
Optional |
A descriptive field that has no pre-assigned system use but can be used as you see fit. Some uses would include: the date the schedule became the Selected Schedule, a code for cash forecasting selection of proposed bond payments, or information about the schedule that does not equate to a payment or amortization term. |
Debt Terms Debt Terms Name |
Optional |
An optional code to infer a set of payment and/or amortization terms established for the type of debt. Valid values are set up on the Debt Terms page. When inferred, the terms will replace any previously entered value except where the Debt Terms record had no value for the term. This ‘powerful’ inference ensures data accuracy, which would be important for a type of debt like a specific type of loan that should not vary. Please note that this inference only happens on a new schedule record. If an existing schedule is brought into a modification transaction with a Debt Terms code which has been changed on the Debt Terms page since the schedule was created, those changes will not be inferred to the modification transaction. |
Principal |
Required |
If left blank, this field will default to the amount of Principal entered on the Debt Instrument record. That should be the amount on the schedule in all cases unless there is an existing schedule that is going to become the Historical Schedule and a new schedule will be the Selected Schedule. In that case, the amount of Principal on the schedule should be the remaining amount that has not been paid yet. The transaction will ensure that the amount of Principal on the Selected Schedule and the amounts of Total Principal Paid for each Historical Schedule equals that of the Debt Instrument. |
Fixed Interest Payment Amount |
Conditionally Required/Prohibited |
A value is required in this amount field when the Schedule Type is Principal in Last Payment w/Fixed Interest. A value is not allowed for any other Schedule Type except Other where the amount is optional. The amount can be $0 for a loan but must be greater than that on a bond. It is not allowed for leases as the Principal in Last Payment w/Fixed Interest Schedule Type is not allowed for leases. This is the PER PERIOD amount of fixed interest and not an annual amount of interest. Please keep this in mind when entering a value. |
First Payment Interest Rate |
Conditionally Required/Prohibited |
When the first payment has a different interest rate than all subsequent payments, this First Payment Interest Rate will accommodate that with the Generate Schedule action. If not entered, the value from the Interest Rate defaults to this field. This is the ANNUAL interest rate and not a ‘per period’ interest rate. Please keep this in mind when entering a value. |
Interest Rate |
Conditionally Required/Prohibited |
A value is required in this field for all Schedule Types other than Principal in Last Payment w/Fixed Interest and Other. When Other, the field is optional. The rate can be 0.0000% for a loan but must be greater than that for a capital lease or bond. For an operating lease the rate must be 0.0000%. This is the ANNUAL interest rate and not a ‘per period’ interest rate. Please keep this in mind when entering a value. |
Frequency |
Required |
A field that will not only control certain edits but is a primary input into the Generate Schedule action when creating payment Schedule Details. Valid values include the following choices:
|
Number of Payments |
Conditionally Required |
The starting point of a payment schedule is always the Schedule Start Date but the ending point is defined either by the Number of Payments or the Maturity Date. One of the two is always required and not just when using the Generate Schedule action. If both are entered that is acceptable, but the action will only use the Maturity Date in that case and warn you of that. A value entered must be a whole number greater than zero. |
Day of Week |
Conditionally Required |
When the Frequency is Weekly, one of the five choices in this field is required: Monday, Tuesday, Wednesday, Thursday, or Friday. For all other Frequency choices, this field will not show any choices because it does not apply. |
Date of Month |
Conditionally Required |
When the Frequency is something other than Weekly or One Time, a value is required in this field. For those two Frequency choices, this field will not show any choices because it does not apply. Please see below for valid choices based on Frequency.
|
Payment Month |
Conditionally Required |
When the Frequency is Quarterly, Semi-Annually, or Yearly a value is required in this field. For all other Frequency choices, this field will not show any choices because it does not apply. Please see below for valid choices based on Frequency.
|
Schedule Start Date (Dated Date) |
Required |
A Schedule Start Date is needed to signal the start of a payment and an amortization schedule. The field will initially default to the Issue Date of the debt instrument. However, if a later date is needed, one can be manually added. An earlier date is not allowed. |
First Payment Date |
Optional |
When the first payment should occur before the first naturally occurring instance according to the frequency fields (Frequency, Day of Week, Date of Month, and Payment Month) you would enter that date here. Otherwise, this field will remain blank. |
Maturity Date |
Conditionally Required |
The starting point of a payment schedule is always the Schedule Start Date but the ending point is defined either by the Number of Payments or the Maturity Date. One of the two is always required and not just when using the Generate Schedule action. If both are entered that is acceptable, but the action will only use the Maturity Date in that case and warn you of that. Use of the Maturity Date allows you to make a final payment before or after the last naturally occurring instance according to the frequency fields (Frequency, Day of Week, Date of Month, and Payment Month). |
Amortization Frequency |
Conditionally Required |
A field that will not only control certain edits but is a primary input into the Generate Schedule action when creating amortization Schedule Details. A value is only required when performing the Generate Schedule action. However, if there are amortizations that you uploaded or manually inserted, you should choose the matching frequency, if possible. Valid values include the following choices:
Be aware that when using the Generate Schedule action that the Amortization Frequency cannot be more frequent than the payment Frequency when using the Constant Yield method of amortizing. |
Number of Amortizations |
Conditionally Required |
A field that will not only control certain edits but is a primary input into the Generate Schedule action when creating amortization Schedule Details. A value is only required when performing the Generate Schedule action. However, if there are amortizations that you uploaded or manually inserted, you should complete the field with the number of amortizing Schedule Details. A value entered must be a whole number greater than zero. |
Amortization Day of Week |
Conditionally Required |
When the Amortization Frequency is Weekly, one of the five choices in this field is required: Monday, Tuesday, Wednesday, Thursday, or Friday. For all other Amortization Frequency choices, this field will not show any choices because it does not apply. |
Amortization Date of Month |
Conditionally Required |
When the Amortization Frequency is something other than Weekly or One Time, a value is required in this field. For those two Amortization Frequency choices, this field will not show any choices because it does not apply. Please see below for valid choices based on Amortization Frequency.
|
Amortization Month |
Conditionally Required |
When the Amortization Frequency is Quarterly, Semi-Annually, or Yearly a value is required in this field. For all other Amortization Frequency choices, this field will not show any choices because it does not apply. Please see below for valid choices based on Amortization Frequency.
|
Down Payment Amount |
Optional |
This amount, found only on the lease transactions, represents any amount of payment by the lessee up front. It is not any fee but is a lease payment made up front so no interest is recorded. The Generate Schedule action will treat all lease payments as being made at the beginning of a payment period instead of at the end. |
Lease-End Option |
Optional |
This field is only found on lease transactions to indicate what happens at the end of the lease. Valid values include:
Different values are valid based on the Major Type of Lease:
|
Lease-End Amount |
Conditionally Required |
When the Lease-End Option is any option other than No Option or No Cost Transfer, then the Lease-End Amount must be greater than $0.00. When either of those two options, the amount must be $0.00. |
Lease End Option Informational |
N/A |
If there is a Lease-End Option but it is not reasonably certain so that accounting should not account for it, then the option information can still be entered but with this flag checked so that the Schedule Generation action will not create any special Schedule Details that will cause the Initial Debt Accounting chain to account for the option. |
Yield to Maturity |
Conditionally Required |
When a bond is issued at a discount or premium, there is a Yield to Maturity (YTM) rate that is different than the stated interest rate. When there is a discount, the YTM is greater than the stated interest rate and vice versa when there is a premium. This rate is required if you are going to use the Generate Schedule action and have one or more Other Amounts to amortize with the Constant Yield amortization method. You can manually enter a rate you have calculated or use the Calculate YTM action. If manually entering, please enter with a great deal of precision or there may be significant rounding towards the end of the amortization schedule. Be aware that the transaction will store up to 20 decimal places for the rate although you see only 4 online. This is the PER PERIOD rate and not an annual rate. Please keep this in mind when entering a value or reviewing a system-generated value. Refer to the "Calculate YTM" topic for more information. |
Effective Yield from Compound Interest |
System Set |
A system-calculated field to convert the Interest Rate to an annual yield when the Schedule Type is Principal in Last Payment w/Compound Interest. The value in this field is automatically calculated when the Validate or Submit actions are selected using the Schedule information, not the Schedule Details. When the Frequency is One Time, this field will be blank. |
Arbitrage Yield |
Optional |
An optional yield to manually capture the Arbitrage Yield rate. This field is not system-calculated because it requires information about the performance of proceeds from a bond that is invested. That investment information can be recorded in the Accounting Journal, but evaluation of that information to determine the rate is beyond the ability of the bond transactions. |
Purchased Interest |
Optional |
When a bond issue is sold after the Dated Date of the bond has passed, there is an amount of interest ‘purchased’ by bondholders in the price of the bond. The additional cash from the sale of the purchased interest is booked with the bond and offset to a “Purchased Interest” account, which is later reduced at the first coupon. |
Other Amount 1-5 |
Optional |
If the chosen Debt Type for your debt instrument has the proper setup for Other Amount 1-5 for the selected Debt Type. If entering a bond, the Other Amount 1 is always an amortization of the Original Issue Discount. Other Amount 2 is always an amortization of the Original Issue Premium and Other Amount 3 is always an amortization of the Issue Costs. |
Other Amount 1-5 Name |
System Set |
The inferred name given to Other Amount 1-5 based on the selected Debt Type. For bonds, this will always be Original Issue Discount. |
Schedule Generation Action 1-5 |
Optional |
The Schedule Generation Action 1-5 field instructs the Generation Schedule action on how to treat the respective Other Amount field when creating schedule details. On loan and lease transactions, the action inferred from Debt Type into a protected field. The bond transactions have the inference into an editable field to allow selection of a different amortization method. The Debt Type page prevents the ‘payment’ choices seen below for bonds. Valid values include:
The Generate Schedule action will create amortization Schedule Detail records amortizing the discount at a rate that is the difference between interest calculated with the YTM rate and the stated interest rate.
|
Total Principal |
System Set |
A system-calculated amount that is the sum of the Principal amount on all Schedule Detail records of a Schedule. Thus the calculated amount is the amount of principal paid and unpaid for a given Schedule. The Principal amount on the Schedule (entered or defaulted from the Debt Instrument) must equal this calculated total if the Schedule is marked as the Selected Schedule. For a Schedule marked as the Historical Schedule, the system sets the Total Principal equal to the Total Principal Paid, which is the same sum except only for records where the Processed On date is completed. |
Total Interest |
System Set |
A system-calculated amount that is the sum of the Interest amount from all Schedule Detail records of a Schedule where the Schedule Detail Type is Regular Payment, Purchase Payment, Renewal Penalty, Refunding Payment, Residual Value Adjustment, or Purchased Interest. Thus the calculated amount is the amount of interest paid and unpaid for a given Schedule. On the bond transactions the field has the following label to differentiate it from compounding interest: Total Interest for Payment. |
Total Compounding Interest |
System Set |
A system-calculated amount that is the sum of the Interest amount from all Schedule Detail records of a Schedule where the Schedule Detail Type is Compounding Interest. Thus the calculated amount is the amount of interest compounded or yet to be compounded for a given Schedule. This field is only found on the bond transactions because only that Major Type of Debt supports the Principal in Last Payment w/Compounding Interest Schedule Type. |
Total Number of Payments |
System Set |
A system-calculated field that is the number of Schedule Detail records for a Schedule where the Schedule Detail Type is Down Payment, Regular Payment, Purchase Payment, or Renewal Penalty Payment. |
Total Other Amount 1-5 Other Amount 1-5 Name |
System Set |
A system-calculated amount that is the sum of the Other Amount from all Schedule Detail records. |
Note:
Certain information has to be present in order to create Schedule Detail records using the Generate Schedule action. Please be aware that only the total Other Amount 1 – 5 values are compared to the Schedule Detail records. The transaction does not perform validations for such items as the Interest Rate you entered is the calculated rate from the Schedule Detail records. In order to facilitate quick and accurate reporting, you should attempt to keep the values in this tab in line with the Schedule Details (where possible).