INFO 5 Scheduled Payments module

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• Amortized Notes - This feature maintains amortization schedules for new notes, balloon notes expressed as a percentage of principal and their payments, automatic calculation of monthly payment amounts, override of monthly payment, variable interest rate notes, and several methods of interest calculation.
• Notes Payable Accounting - This feature stores the Notes Payable account, the Prepaid Interest account, the Interest Expense account, Trac Leases expense account, and the optional debit (asset) account to be used to initially record notes payable.
• Unit Information - This feature contains the ability to attach one or more units to a note and define appropriate Debit Accounts (Notes Payable only), capitalized cost for each unit, Notes Payable account, Interest Expense account, and Prepaid Interest account for each unit on the note.
• Payment Selection - This feature automates specific payments to be made by due date passed on to INFO 5 A/P Check Writing system, optional additional monthly charges, additional Principal Payment, Prepayment Penalty Amount, override of Payment Amount, and the ability to flag a note for payoff before end of term.
• Transaction Profiles - This feature stores information in the transaction profile including the Profile ID# and description, Journal Source Code, Interest Expense account for the note, asset account used in purchase transaction, number of months to finance, and the interest calculation method.
• Recurring Payments - This feature stores the debit account number, Accounts Payable Vendor number for the note, an optional flag for Wire Transfer transactions, "loan" amount to be amortized, and number of payments to be made.

For more information on the Scheduled Payments module, contact Kim Scott at 1-800-865-8991.

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