This column contains the rental type for this payoff calculation.  A drop-down box reveals the records previously added in the Rental Type File.  This field refers to the agreement type for this calculation.

This column contains the payment method for this payoff calculation.  A drop-down box reveals the available payment methods.  Choose the payment method for this payoff calculation, monthly, weekly, bi-weekly or semi-monthly.

This column contains the number of rental periods for this payoff calculation.

This column contains a description for this payoff calculation.

This column contains the beginning days for this payoff calculation.

This column contains the ending days for this payoff calculation.

This column contains the calculation method for this payoff calculation. A drop-down box reveals two (2) choices:  Balance or Retail.

Balance - Choose balance to base the payoff calculation on the remaining agreement balance.

Retail - Choose retail to base the payoff calculation on the cash price of the inventory items.

USEREMAIN

For the balance calculated payoffs, this field is N/A (not applicable) and is listed as NO automatically.

Use Remaining Periods is a California law, which includes the remaining periods in the retail payoffcalculation.

Use Remaining Period

If this box is checked the payout includes a calculation of the remaining time left on the agreement.

Use Remaining Period

If this box is not checked the normal cash price is used as the basis for this retail payoff calculation.

For the balance calculated payoffs, this field is blank, due to balance payoffs using the "remaining" balance on the agreement there is not an amount of rent to apply to the remaining balance.

This column contains the percentage of rent paid, to subtract from the retail price for this agreement.  If there is more than one item on the agreement the percentage of rent to apply is applied to the total retail price of all items on the agreement.

This column contains  the percentage of discount to subtract from the remaining agreement balance as a payoff discount.

This column contains the percentage of the retail price to give as a discount.  If you have a percentage listed in "Pct of Rent To Apply" this percentage is subtracted after the percentage of rent is applied, therefore discounting the retail price further.

For the balance calculated payoffs, this field is N/A (not applicable) and is listed as "1" automatically.

This column contains the Disregard Rent Balance option which allows you to ignore the agreement balance when discounting the retail price on a payoff.

Disregard Rent Balance

If this box is checked the system discounts only the cash price, regardless of the rental agreement balance.  With this option checked, an expensive item can be rented for a short amount of time without consideration for the agreement balance.

Disregard Rent Balance

If this box is not checked the program looks at the balance of the agreement to determine the payoff.  With this option set to no, the retail payoff cannot be higher than the balance of the agreement.

Save Payoff

Save Payoff

If this box is checked, the payoff calculation from the each range is saved to begin the calculation for the next range.  The discounted balance is saved for the next range of discount to begin.

Save Payoff

If this box is not checked, the payoff calculation from the each range is not saved, and the remaining balance of the agreement is used to begin calculating the next range of discount.  The Save Cutoff Months field is not displayed.

Save Payoff

If this box is checked, the payoff calculation from each range is saved to begin the calculation for the next range.  The reduced cash price is saved for the next range of discount to begin.

Save Payoff

If this box is not checked, the payoff calculation from each range is not saved, and the original cash price is used to begin calculating the next range of discount.  The Save Cutoff Months field is not displayed.

This field determines how many months you want to continue saving the discounted payoff amount.

This field determines how many months you want to continue saving the discounted payoff amount.

This payoff would have the following terms:

The number of months, weeks, days, bi-weeks and semi-months is listed at the bottom of the grid when each payoff record is highlighted.

There is already a payoff for this method/terms/days.  Please choose another value.

After you add a payoff record, the grid is refreshed and YOUR new payoff record is listed in alphabetical order.

The Use Payoff File option must be CHECKED in order to use the Payoff file.

See Calculating Payoffs.

The Save Payoff option, determines whether or not the discounted payoff amount is saved to be discounted again, or if the original balance or cash price is used every time.

If you want to apply 90% of the rent collected to the retail price for the first 6 months of the agreement, and then allow 50% of the rent collected to be applied to the remaining cash price, you need to use Save Payoff.

For example:  If the cash price on an inventory item is $1,200.00, and you apply 90% of the rent to the cash price for the first 6 months of the agreement, and then switch to applying 50% of the rent to the payoff.  Let's see how that calculation is made.

Save Payoff

If this box is checked, the calculation begins with $1,200.00, and begins applying the rent to this starting figure.  For the first 6 months, 90% of the rent paid in is applied to this $1,200.00 and each payment reduces this amount.  If the monthly payment was $25.00, and if 6 payments were made in the 6 month period, 90% of $150.00 which is $135.00 would be applied to the cash price leaving a balance of $1,065.00.

After the 6 months, which is 6 months from the date rented, the calculation changes to apply 50% of the rent to the cash price.  Since Save Payoff is checked, the amount to start applying 50% of the rent to is $1,065.00.  This is what Save Payoff is about, saving this reduced amount for the next calculation to begin.

Save Payoff

If this box is not checked, the calculation begins with $1,200.00, and begins applying the rent to this starting figure.  For the first 6 months, 90% of the rent paid in is applied to this $1,200.00 and each payment reduces this amount.  Just like the above example, the amount at the end of the 6 months if all the payments had been made on time, would be $1,065.00.

After the 6 months, which is 6 months from the date rented, the calculation changes to apply 50% of the rent to the cash price.  Since Save Payoff is NOT checked, the amount to start applying 50% of the rent to is $1,200.00.  The previously reduced cash price is NOT saved, and therefore when the next time period of payoff begins, the system looks at the original cash price for the calculation.

Make sure when you change a record for early payoff, you adjust the remaining records to cover all days for that agreement.  If you changed the payoff calculation row  from 0 - 90 days to be 0 to 30 days and you left the next row beginning at 91 days, there would not be a payoff calculation from 31 to 90 days because it is not covered.  The payoff for any "uncovered" time period is always the remaining agreement balance with no discount.

When you change a payoff calculation it affects every agreement matching that payoff calculation information (agreement type, payment method and rental periods.)

If you want to offer a new payoff calculation without changing the existing agreements, you must set up a new rental type and payoff calculation for the new agreement type.  Then you must rent using the new rental type in order to start using the new payoff calculation.

Yes.  If you want to leave the existing agreements with the same calculation methods, the best thing to do is set up a new Rental Type.  Rent the new agreements using the new rental type and all the existing agreements will have the same payoff, while the new agreements will have the new payoff.

There is not a Payoff File List available. In most cases the payoff file is so extensive that a list of all the records is not a useful report.

Yes.  When you are generating payoff records check the box labeled "AllowPOToExceedContract" and this will set the MaxDays to 9999.  --OR-- You can change EACH payoff calculation record's MaxDays to be 9999.

Sure, the fastest way to fix the payoff file is to generate payoff records again and choose Create New Payoffs when the parameters are filled in correctly.