Installments

Installments is an optional feature that gives families a choice to pay the registration in multiple installments. 

Installment Page

From the Catalog / Installments menu, you will find a list of installments created for that season.

• From the search box, you can enter partial or full to filter the display on screen.

• You can click on the directional arrows to sort by that column.

The list of Installments will be displayed.

• Title - the title of the installment

• Initial payment - the amount of the initial payment

• Installments - the details of the installments and dates

• Status - the status of the installment

Open

Adding Installment:

• Click on Installments from the list of options under the Catalog / Finances section

• Click +Add

• Choose between Add or Rollover

Open

Add a New Installments

Complete the requested information:

• Title *: Add a name to your installment.

• Initial payment (%) *: Enter the amount of the initial payment. This is the amount that will be charged at the time of registration.

• Installments: Determine the number of installments you want. The number of installments does not include the initial payment, it is the number of installments you are offering as a payment plan for your registration.

• Value (%): Based on the number of installments selected, the system will calculate the percentage for each installment. However, you have the option of changing the percentage entered. The % of installments needs to add up to 100%.

• Date: Enter the date you would like to receive each installment.

Click on Save.

Rollover from Past Seasons

• Use the drop down to select a previous season to copy from

• Click Search

• Click Next

• Select the installments you want to copy, or click on Select All

• Click Next

• Review the installments,  if you need to make a change to the ones you want to carry forward, click Previous

• Click Create

Modify Installments

Once an installment is created, no changes to the amounts or dates can be made.

To change the status of an installment, click on the line item to open the side panel. Use the blue pencil to change the status to Inactive.

By clicking on the Action button on the side panel, you have the option to delete it.

Installment Calculations

Enter the % for the initial payment and decide on the number of payment. You can define the percentage (%) and dates for each installment that follows.

Example: #1

For this example we are going to set our registration fee at $500. 

At the time of registration, you want to collect 50% of the registration fee, and you allow the rest to be divided into 2 payments.

Initial Payment - 50% = $250

Outstanding balance - 50% = $250

Installment #1 - 75% of the outstanding balance= $187.50

Installment #2 - 25% of the outstanding balance = $62.50

Example: #2

Initial Payment - 50% = $250

Outstanding balance - 50% = $250

Installment #1 - 50% of the outstanding balance= $125 - May 1

Installment #2 - 50% of the outstanding balance = $125 - June 1 

The date of the registration is May 2, than the parent will have the following payment schedule

Initial payment = $375

June 1 = $125