Making a Scheduled Payment

IT Asset Management (Cloud)

You can record payment of installments on your payment schedule from multiple places:

• The Licenses with Payments Due page
• The All Payments page
• The Installments tab of the payment schedule properties.

Although the appearance of the installment editor varies slightly from case to case, the process is the same.

Tip: As a shortcut, you can do either of the following:

• Select the appropriate row in any listing, and click Installment paid.
• In the Installments tab of the payment schedule properties, use the drop-down list in the Installment status column to select Complete, and Save the changed properties.

However, these shortcuts do not record the payment date nor actual amount (to compare with the estimated or budget amounts). For full editing flexibility, use the following process.

To record a payment of an installment on your payment schedule:

1. If the installment editor (blue panel) is not already visible, do one of the following:
   1. Double-click a text cell in the row for the installment you want to change (only available in the payment schedule properties Installment tab)
   2. Click the hyperlink on the installment name (only available in the Licenses with Payments Due, All Payments, or Payments Due pages)
   3. Select the check box at the left of the installment in any listing of installments or payments due, and click Open.
   The installment editor opens above the listing. In the various listing pages, extra read-only values are displayed to identify the payment schedule and related contract (see details at the end of this process).
2. Choose the appropriate value for the Installment status:
   • Complete — This installment is fully paid.
   • Incomplete — Usually means the installment still lies in the future, and is not yet paid; but may also be used for partial payments that still represent a contractual liability.
   • Not going to pay — Marks a payment that is skipped, usually during litigation or other contractual difficulties.

   Tip: For the last case, it is good practice to use the Notes field to record a comment for the audit trail to document why the expected payment is not occurring.
3. It's helpful to enter the amount paid in Actual/fixed amount field.
   Not only does this allow you to trace variation from estimates or budget, but it also completes the data row, making paid installments very easy to see in the list on the payment schedule properties. Of course, if you are making partial payments, it is critical to track the amount(s) paid.

   Tip: You can control currency details using the dollar ($) or ellipsis (...) icons to the right of the field. For more details, see Editing Money Values.

   You should not normally need to edit the Estimated amount or Budgeted amount values at payment time; but they are available for special cases.
4. Enter the Payment date.
   You may type the date into the field, or click the calendar icon and use the date picker to set the payment date. (The expected date format for editing is determined by your web browser settings. If you enter a date clearly in a different format, it is reformatted to match your settings. If your entry is impossible for a date, as you move to another control, the field reverts to its previous value, including going blank if this is your first try and the date is invalid.)
5. It would be unusual at payment time to alter the setting for Obligated to pay, but you may adjust it if necessary (for example, if legal proceedings against a supplier removed or deferred the obligation to pay for particular periods).
6. Use the Notes field to record any information useful as an audit trail (such as reasons for partial payment, plans for a recovery payment, and the like).
7. Click Update (on the right side).

The installment editor is closed, the payment details are saved to the database, and after a moment the listing is updated.

If you are using one of the listing pages (as distinct from the payment schedule properties), these additional read-only fields are displayed at the top of the installment editor:

Payment schedule name

The name given to this payment schedule at creation (or at last edit).

Set in the Create a Payment Schedule page. Editable in the General tab of the payment schedule properties.

Payment schedule type

The kind of payments being scheduled, as determined when the payment schedule was created.

Contract name

The name (or brief description) of the contract.

This is the contract to which the payment schedule is linked.

Editable in the Description field in the General tab of the contract properties.

Contract status

The current standing of this contract. The following options are provided: Active, Archived, Cancelled, Completed, Draft, Expired, and Suspended.

Editable in the Status field in the General tab of the contract properties.