Updating payment instructions

Procedure

  1. From the Payments tab, go to Payment Instructions sub-tab.
  2. Click Update Payment Instructions action. This is to update the Remit To organization of a payment for the period of time.
  3. On the Update Payment Instruction form, go to the Details section. Select the Start Date of the new payment instruction and select the Payment Type of the existing payment instruction to update.
  4. Select the existing payment instruction in the Existing Payment Instructions section.
    The selected payment instruction information will be set on the Payment Instruction section.
  5. On the Payment Instruction section, update information, such as Allocation %, Bank Name, Bank Account, Remit To Organization, Address, etc.
  6. Once all the information is updated, click Create Payment Instruction section action.
    A new payment instruction will be created and show up on the New Payment Instructions section. The Effective From Date of the new payment Instruction starts on Start Date that is entered earlier.
  7. Click Process Payment Instruction action and close the Update Payment Instruction form.

Results

The new payment instruction will be associated to the associated payment schedule. Also, the payment line items that are within the Effective From and To dates of the new payment instruction will be associated to it. Under Payments tab (Payment Instructions sub-tab), can see all the payment instructions by changing the Related Reports from Current And Future Payment Instructions to All Payment Instructions.

An example of updating payment instructions to remit to a new payee organization

Paulina is a real estate contract manager at Company ABC. She is managing a real estate lease for Lessee XYZ where the payee must change while the lease is active. Paulina needs to change the payment instructions to remit to a new payee organization and update the future payment schedules. IBM® TRIRIGA® Real Estate Manager provides a quick way to update all of the payment instructions with one change to the lease record.

  1. Revise the active real estate lease.

    Paulina opens the TRIRIGA Real Estate Manager application and opens the active Lessee XYZ lease. She revises the lease to make it editable.

  2. Add the new remit to organization.

    Paulina opens the Payments tab of the lease record. On the Payment Instructions tab, she clicks the Update Payment Instruction action.
    • She selects the payment instruction to change.
    • In the Start Date field, she adds the date on which the change needs to take effect.
    • In the Payment Instruction section, she changes the details, including the remit to organization, that are to take effect on the new start date.
    • She clicks Create Payment Instruction and the new payment instruction appears in the New Payment Instructions section.
  3. Process the adjustment.

    When Paulina is finished, she clicks the Process Payment Instruction action. The TRIRIGA Real Estate Manager application updates the affected payment schedules with new payment instructions.

    Tip: If the lease is still in Draft status, the New Payment Instructions section does not appear. You can change the payment instruction directly. Some changes are not allowed and, if this information is entered in error, you must delete the payment schedule and create it again with the correct information.