Creating payment schedules for lease and rental contracts

You use payment schedules to create a series of payments to be made on an asset. You can schedule the payments to occur weekly, monthly, or on certain days or dates.

Before you begin

The contract must be approved before you can create a payment schedule.

About this task

The payment schedule option must be selected on the Properties tab.

Procedure

  1. In the Lease/Rental contracts application, select the contract for which you want to generate a payment schedule.
  2. Select the Manage Payments action.
    The Payment Schedule dialog box opens.
  3. On the Payments tab in the Schedule table window, click New Row.
  4. Specify values for the target invoice status, the start date, and the general ledger debit account.
  5. Optional: Specify additional schedule information.
  6. In the Schedule Lines table window, click Select Assets.
  7. Specify values for general debit account, periodic payment, and line cost.
  8. Click Generate Payments to generate scheduled invoices with specified due dates for all assets listed.
  9. Click OK.
  10. Save your changes.