Payment schedule card

Description: Free text field. Add a descriptive title, for example, "Rent" or "Shared Costs". This will be displayed in reports.

Contract partner: The name of the contract partner. In case you do not find the correct partner in the list, you can Add new partners directly in this screen or via Partners.

Type: Select "Receivable" or "Obligation", depending on whether it refers to income or a cost.

Payment category: Select the payment category from the drop-down menu.

Start date: Date when the liability/receivable arises. The default date is the start date for the contract. If this is a recurring payment, the start date is registered for the initial period. Select from the calendar or use the format [ddmmyy].

This payment is recurring: Check off if the payment schedule is ongoing and follows a specific interval. This will open a selection of additional fields to define the intervals and periods:

• Interval start date: Usually, this date follows the start date of the payment schedule. If the first period is shorter or longer than the remaining periods, select start date of second period in this field. For this, you must tick Divergent first period.
  For example: If a contract is signed on 23 August 2019, but all the payments must follow the calendar months or quarterly from the 1st to the 1st, the start date for the contract can be registered as 23/08/2019 and the start date for the next period 01/09/2019 to coincide with whole months, or 01/10/2019 to coincide with whole quarters.

• Period: Select the payment period for the liability/receivable. Fill in the number and choose whether it is monthly or yearly. The default is monthly. If left blank, the contract expiry date will be used.

Stop date: If the payment has a different end date than the contract, add the date in this field.

Initial period amount: Enter the amount to be paid during the initial period. In order to maintain the payment history, future changes in the periodic amount are registered as a "Scheduled Adjustment" in retrospect (see the explanation further down).
Note! The information filled in here is used to calculate the "Monthly Amount" and "Annual Amount", based on the information specified in the "Period".

Monthly amount: Estimated monthly amount based on the initial periodic amount and period. Filled in automatically if you enter the "Annual Amount" or "Initial Periodic Amount"

Yearly amount: Estimated annual amount based on the initial periodic amount and period. Filled in automatically if you enter the "Monthly Amount" or "Initial Periodic Amount".

Department: You can assign payments to a specific department. When searching for the department, you will only get the payment schedules for this department.

IFRS 16 lease classification: This list is only displayed if you have the optional module IFRS 16. Read more about this field in the documentation for IFRS 16 under 3. Register IFRS lease classification.

Here you will find fields related to the invoicing

First invoice date: Fill in when the first invoice is received. Select from the calendar or use the format [ddmmyy].

Invoice terms: Defines the payment terms of the invoice. Select from the calendar or use the format [ddmmyy].

First due date: Due date for the first invoice. Affects the cash flow for when the payments are made. Select from the calendar or use the format [ddmmyy].

Next due date: If the first invoice period is shorter or longer than the remaining periods, select start date of second period in this field. This date must be after the first invoice date.
Divergent first invoice period must be ticked to activate the field.

Invoice interval: Define the interval if more than one payment period should be included in each invoice. Invoice interval must be longer than the selected payment period. Note that Group multiple payments per invoice must be ticked to activate this field.

Group multiple payments per invoice: Select if more than one payment period should be included in each invoice. The invoice interval must be longer than the payment period under Period above.

This section displays a list of upcoming obligations or receivables, dependent on the payment type you entered under Type. The amount and description of a single payment can be overridden by clicking Edit to the right of the line for a payment. You can now correct the description text and amount, cancel this specific payment or add an adjustment schedule from there. Read more about adjustments below.

For example: A cleaning service is payable monthly, but July is free due to the general summer holidays – edit the line, add a description of the free month and enter EUR 0 as the amount

List of upcoming cash flows, shown by the due date, period in question, contracting party and amount.

This section is displayed once an adjustment for a liability or receivable was entered. Do so by clicking Create adjustment schedule. Read more under Adjustment schedule.