Setting Up Payment Segment Types

Every obligation references an obligation type. Among other things, the obligation type references a payment segment type. The payment segment type controls how payment segments and their related financial transactions are created. To set up payment segment types, open Admin > Payment Segment Type.

Description of Page

Enter an easily recognizable Payment Segment Type and Description for every type of payment segment.

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For more information about the source of the distribution codes on financial transactions, see The Source Of GL Accounts On Financial Transactions.

For each payment segment type, define the Payment Segment Fin Algorithm. The logic embedded in this algorithm constructs the actual financial transaction associated with the payment segment. Refer to Examples of Common Payment Segment Types for examples of how algorithms are used on common payment segment types.

If you haven't done so already, you must set up this algorithm in the system. To do this:

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For more information about current and payoff amount, see Current Amount versus Payoff Amount.