Creating payment schedules for leased and rented assets

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

  1. In the Lease/Rental Contracts application, select the contract for which you want to create a payment schedule.
  2. Select the Manage Payments action.
  3. In the Payment Schedule dialog box, click New Row.
  4. Specify or change the values for target invoice status, start date, and the general ledger debit account.
  5. Click Select Assets.
  6. 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.
  7. Click Generate Payments to generate scheduled invoices with specified due dates for all assets listed.
  8. On the Payment Details tab, review the scheduled invoices.


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