Date | Financial Transaction | Payoff Balance | Current Balance |
1-Jan-99 | Bill: $125, Budget $150 | 125 | 150 |
15-Jan-99 | Payment: $150 | -25 | 0 |
2-Feb-99 | Bill: $175, Budget $150 | 150 | 150 |
14-Feb-99 | Payment: $150 | 0 | 0 |
3-Mar-99 | Bill: $200, Budget $150 | 200 | 150 |
15-Mar-99 | Payment: $150 | 50 | 0 |
2-Apr-99 | Adj: Mar 3, 97 bill incorrect due to meter exchange discrepancies; manual correction of -$33. | 17 | 0 |
Type Of Service Agreement | What Payoff Balance Holds | What Current Balance Holds |
Deposit | Payoff balance holds the amount of deposit you are holding on behalf of the customer's debt. This amount is showed as a credit (with a negative sign) because you truly owe the customer this money. | Current balance holds the amount the customer owes for a deposit. |
Charitable contribution | N/A - charitable contribution service agreements never have a payoff balance. | Current balance holds the amount the customer owes for a charitable contribution. |
Payment arrangements | Payoff balance holds the total amount of delinquent debt that remains unpaid. When a payment arrangement is started, you transfer the payoff balance from the utility service agreement to the payment arrangement service agreement. Each billing period, the customer pays down this balance. | Current balance holds the amount the customer owes in respect of the billed payment arrangement amounts. |
Utility agreements on a budget plan | Payoff balance holds the actual amount owed (actual bills minus payments). | Current balance holds the amount the customer owes in respect of the billed budget amount. |
Loans | Payoff balance holds the payoff amount for the loan, which is the current balance (the billed loan amount) plus the principal balance (the unbilled loan amount) and any accrued interest charges. | Current balance holds the amount the customer owes in respect of the billed amount (the periodic payment amount). |