A payment schedule is a series of scheduled payments to
be made on a leased or rented asset. You can schedule payments to
occur weekly, monthly, or on certain days or dates.
Before you begin
To create a payment schedule for a contract, the contract
must be approved. Before you can approve the contract, you must specify
the lease rate factor, term in months, payment period, and number
of payments on the
Contract tab in the Lease/Rental
Contracts application. In addition, you must select the
Payment
Schedule check box on the
Properties tab.
Procedure
- In the Lease/Rental Contracts application, select the contract
for which you want to create a payment schedule.
- Select the Manage Payments action.
- In the Payment Schedule dialog box, click New
Row.
- Specify or change the values for target invoice status,
start date, and the general ledger debit account.
- Click Select Assets.
- Select the assets for the payment schedule. Periodic
payment for each asset that you selected are generated. In addition,
you can change the following information for each asset: general ledger
debit account, periodic payment, line cost, and tax code.
- Click Generate Payments to generate
scheduled invoices with specified due dates for all assets listed.
- On the Payment Details tab, review
the scheduled invoices.