Pay Plan - Main
The pay plan transaction allows you to set up a pay plan. When you create a pay plan, the system performs the following functions:
- It creates an active pay plan using the pay plan type entered.
- It defaults the customer as the payor if no third party is defined.
Refer to The Big Picture Of Pay Plans for information about the financial ramifications of pay plans and for a description of how the system monitors pay plans.
Open to maintain a customer's pay plan.
Description of Page
Pay Plan and Pay Plan ID only appear after the pay plan is added to the database. Pay Plan ID is a system-assigned random number that stays with the pay plan for life. Pay Plan is a concatenation of important details about the pay plan.
Account ID identifies the account of the customer for which the pay plan exists. This field is protected once the pay plan is Active.
The Status displays the status of the pay plan. Refer to The Lifecycle Of A Pay Plan for more information about a pay plan's status.
Created by displays the id of the user who created the pay plan and the date and time on which it was created.
Clicking the Cancel button causes the pay plan's status to become cancelled.
Last Updated by displays the id of the user who last modified the pay plan and the date and time on which it was changed.
Select a Pay Plan Type. The Pay Plan Type defines the Debt Class whose debt is insulated by the pay plan. The account's Current Balance in this debt class appears beneath as well as the portion that is considered Delinquent Debt.
If a 3rd party is responsible for the pay plan's payment, Third Party Payor must be checked, and the associated 3rd party selected.
The Payor Account Id contains the account ID and name of the person responsible for making the pay plan's payments. If a Third Party Payor is responsible, the payor's account appears; otherwise the account whose debt is insulated by the pay plan appears.
The Start Date defines the first day on which the pay plan is tracked; it defaults to the current date.
Pay Method defines the manner in which the customer intends to fulfill payments under this pay plan.
Significance of payment method. A pay method can have a grace period associated with it. This period controls when a scheduled payment is considered to be missed. For example, a pay method of "postal" might have a grace period of 3 days. This would give the customer 3 extra days to make the scheduled payments before the pay plan is broken.
In addition to grace period, pay method also control if the system will automatically create an automatic payment on the scheduled payment date. If the pay method so indicates AND the account has been set up for automatic payment, the PPAPAY background process will create Automatic Payments on the scheduled payment date.
The Scheduled Payments grid contains the pay plan's scheduled payments. The Scheduled Date and Scheduled Amount must be entered for each scheduled payment. The Total Amount of the scheduled payments is displayed at the bottom.
Free format Comments can be entered to describe any special notes about the pay plan.