Creating recurring payments
- From the Leases menu, open a lease record.
- Click Payment Schedule.
- Select a payment schedule record.
- On the Recurring Payment Detail tab, click Create
-
Specify this information:
- Begin Date
- Specify the begin date of the recurring payment. For the first recurring payment of a lease, the begin date must be the same as the begin date of the lease.
- End Date
- Specify the end date of the recurring payment.
- Non Lease Component
- Select one of the non-lease components that are assigned to the lease on the Non Lease Component tab of Lease.
- Frequency
- Select the frequency of the recurring payments. The frequency can be weekly, monthly, quarterly, semi-annually, or yearly.
- Due Date
- Select the due date for the first payment instance.
- Payment Amount
- Specify the lease payment amount for each payment instance or the compute name in the Lease Compute field. If you specify both payment amount and compute name, then the payment due is the sum of both the payment amount and the computed amount using the compute name.
- Authority Code
- Select the authority code of the person responsible for releasing the lease invoice for payment. Alternatively, you can submit the payment for approval using Invoice Payment Approvals.
- Lease Compute
- Select a lease compute name to calculate the payment amount. If no value was specified in Payment Amount, then Lease Compute is required. If you specified both payment amount and compute name, then the scheduled payment is the sum of both the payment amount and the compute name.
Note: The billing schedule is automatically created from the defined begin date for the defined frequency, Payment Date Range and Payment Amount. -
Click Compute Parameters and
specify this information:
- Company
- Select a company number. If you select Company, then leave the Company Group field blank. You cannot select both.
- Or Company Group
- Select a company group. If you select Company Group, then leave the Companyfield blank. You cannot select both.
- Compute From and Compute Through Account
- Specify the information for a range of accounts from which the compute data is pulled.
- Budget Number
- Specify a budget from which the compute data is pulled.
- Accrue Payment
- Select this check box if the payment is accrued.
- Reverse
- Select this check box if the payment is reversed.
- Compute Base Amount
- Specify a compute payment amount that is used in the percentage rent calculations.
- Maximum Payment
- Specify a maximum payment amount. If this field is populated, then this value is used if the computed value is greater than the maximum amount.
- Advanced Compute Option
- Select an advanced compute option that is attached to the payment schedule.
- Annual Change Amount
- Specify either the amount or the percent that the payment increases each year.
-
Click Tax and specify this
information:
- Taxable
- Select this check box if this payment is taxable.
- Tax Code
- Select a tax code for this payment.
- Taxable Amount
- Specify the taxable amount on this payment. The fixed payment amount is the default if this amount is specified.
- Or Percent
- Optionally, specify the percent of the taxable payment amount. This field can be used to tax compute amounts that may not be known until invoice time.
- Tax Usage Code
- Select the tax usage code for this payment. The value is the default from the vendor or vendor location that is attached to the lease.
- Click Save.