If you change an agreement's payment method from Weekly or Bi-Weekly to Monthly or Semi-Monthly the balance will be changed.  The system takes the ratio of weekly vs. monthly and calculates the balance accordingly.

When changing from a weekly based method to a monthly based method, or vice-versa, the balance and payoff are changed accordingly.  The boards below describe the calculation for changing the balances and payoffs for these agreements.

When changing an agreement from a weekly based agreement to another weekly based agreement the balances are not changed, this board describes all the payment method changes that do not affect the balance.

There are (2) two different payment method calculations depending on if you are changing from a weekly based or a monthly based agreement.  There is an exchange rate monthly to weekly and an exchange rate weekly to monthly.

The different exchange rates are used depending on which payment methods are being changed and to which payment method the agreement is being changed.

Remember you have the ability to change the payment method from the Payment Screen.

Payments > Change  Method tab
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A drop-down box reveals the available agreements.  The information for the agreement is recalculated based on this new method.  Be sure to review the remaining periods and remaining balance fields before clicking "Save Change", as these fields may change dramatically depending on the rates input for the agreement.

The customer number, name address and city, state, zip information is displayed under the agreement number.

The customer's current rating from the Customer File is listed under the address.

CURRENT

The information in this section is the way the customer's agreement is rented NOW.

This is the date the agreement was originally rented.

This is the original payment method.

This is the rental rate that goes with the original payment method.

This is the number of periods that coincides with the original payment method, in which the customer has rented this agreement.

This is the number of periods that coincides with the original payment method, in which the customer has remaining on this agreement.

This is the remaining balance based on the original payment method.

NEW

The information in this section is updated AFTER you select the new payment method.

A drop-down box reveals a list of available payment methods.  Choose the new payment method from this list.
 
Be sure to review the NEW information, especially the new balance.

The agreement due date and payment due will be calculated using the new payment method selected instead of the payment method assigned when the agreement was rented.  Any late fees charged will be calculated using the new payment method.  For example, this agreement will be subjected to the late fees that are assigned to the "weekly" payment method, if the payment method is changed to weekly.

In some cases (see above) the balance of the agreement may be slightly different than originally calculated.

A transaction is written to the customer's payment history showing when the payment method was changed and by whom.  All method changes are listed at the end of the Agreement Payment Report.

REPORTS

Agreement Payment Report

Remember, the system must be open in order use an option which changes or updates information.
Click Open the Day before using this option.