First Payment

When initially renting an agreement to a customer, the process is not complete without taking the first payment for that agreement. The agreement is set to a PENDING status until the first payment is made.

Before the first payment for the agreement is taken, the agreement is set to a PENDING status. This means that the rental agreement has not yet been finalized, because no money has changed hands. So when you take the first payment on the agreement, it is indicated with green highlight. The customer is not required to make a payment on the agreement the day it is rented. But the first payment is the ACTIVATION point of the agreement.

Access to FREE TIME during the first payment is NOT limited by Free Time security code. The number of days allowed control the free time during the first payment.

To take a first payment

1. Select a new customer for which to take a payment. How?

2. When the payment amounts are correct, click PROCEED, or press the F10 key.

3. New Agreements - Enter the new due date for each new agreement.

For each agreement you are making the FIRST payment on, you are prompted to input the new due date. This gives you the opportunity to adjust their due date to be in line with when the customer gets paid WITHOUT requiring the customer to pay any extra money.

First Payment Reason

This field is automatically filled in with the reason you selected in Company Setup under Payment Info tab. However, a drop-down box reveals a list of all free time reasons previously input in the Free Time Reason file, so you may change this reason if necessary.

When the date and the reason are correct click PROCEED.

4. Select the payment method and amounts to pay for each payment type. How?

5. Click PROCEED. The receipt is printed to this workstation's receipt printer.

Change Due Date on 1st Payment

If you have the Change Due Date on 1st Payment option selected in Company Setup, you are prompted on the first payment for a customer's agreement to adjust the due date.

1st Payment Reason

The default first payment free time reason you assign in Company Setup is defaulted on this screen when you change the due date on the first payment for an agreement. You have the option to input a different reason, but this reason is defaulted for you.

1st Payment Day Limit

The 1st Payment Day Limit setting you assign in Company Setup creates a limit to the number of days a user can give a customer in FREE TIME on the first payment.

RESULTS OF TAKING THE 1ST PAYMENT

When the first payment is applied to the customer's agreement, the due date is moved the amount of the first payment. The agreement balance is reduced by the amount of rent applied in the first payment. The agreement's status is changed and is no longer PENDING.

If the due date was adjusted on the first payment, a free time receipt is written to account for the movement of the due date.

The total amount of payment is added to the cash drawer and is totalled in the appropriate income amounts at the end of the day.

REPORTS

Receipt

Agreement Payment Report

Receipt Listing
Free Time/Rent Report (if applicable)

Free Time/Rent Detail Report (if applicable)

Daily Close Report

Some frequently asked questions: (click each question for answer)

•	How can I make sure my employees are moving the due date correctly on the first payment?

Security is the best method to prevent unauthorized employees from giving away free time during the initial payment.

To prevent users from moving the due date during the first payment, use the Change Due Date on 1st Payment setting in Company Setup.

To allow users to give free time, but still control the amount which can be given during the first payment, use the 1st Payment Day Limit setting in Company Setup along with the previous setting.