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Accounts: Payment - Recurring

Used to assist in posting payments for those deals with one (or more) automatic payments per month.

Layout / How To
If the deal is on an automatic payment schedule, you may wish to indicate this to ALMSys. One to four recurring payments per month or a special payment schedule may be specified. To make recurring payments active, select Yes in the Screen Active box. 

Payments are gathered for posting by Day or by the recurring schedule you select.

There are special quick fill buttons that are designed to speed up your input by giving you the payment, 1/2 payment, 1/3 payment, and 1/4 payment options.

The "If using EFT, check the box and choose the account" fields are only used when you are having ALMSys request payments from your bank. (You must have an active EFT set up on the Accounts - EFT Setup screen.)  The "Recurring EFT Ready?" column will indicate whether or not all of the fields necessary for a successful EFT inclusion are filled in. It does not check bank account accuracy; it merely shows that the right fields have been populated.

All payment cycles are supported, be it monthly, week, bi-weekly, etc. For monthly and semi-monthly deals, fill in the Day and Amount columns, and set the Other Payment Recurring Cycle to "None".

For other recurring cycles:
  • Select the payment cycle type
  • Provide the starting date for the first payment in that cycle
  • Fill in the Amount column on up to four lines

    For example, if you wish to set up a bi-weekly payment, but you want one payment to be $100.00, and the next payment to be $99.99, then you will fill in $100 in the first amount field, and $99.99 in the second amount field. ALMSys will use $100 first, then $99.99 next, and then back to $100 for the third time, etc.

    (Using other payment cycles will turn the associated fields fuchsia.)

    (Other payment cycles do not use the Day fields.)