Difference between revisions of "Monthly Instalment Calculations"

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(Created page with "It is possible to set up monthly instalment payments both by card and by direct debit. The way these instalments are calculated are set out below: == Monthly Instalments when N...")
 
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== See Also: ==
 
== See Also: ==
  
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[[Taking Card Payments]]
  
[[Taking Card Payments]]
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[[Taking a Card Payment on a Case]]
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[[Recording a Cheque Payment on a Case]]
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[[Recording a Bank Payment on a Case]]
  
 
[[Enabling Direct Debit]]
 
[[Enabling Direct Debit]]
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[[Reporting and Accounting for Direct Debit Payments]]
 
[[Reporting and Accounting for Direct Debit Payments]]
 
[[Monthly Instalment Calculations]]
 

Latest revision as of 08:12, 16 November 2012

It is possible to set up monthly instalment payments both by card and by direct debit. The way these instalments are calculated are set out below:


Monthly Instalments when NO DEPOSIT is paid

When no deposit is being paid on the account the monthly installments are calculated as follows:

Monthly Amount = Premium DIVIDED BY (Policy Term Length in Months MINUS 1)


For example; if the Premium is £1,100 and the policy runs for 1 year. Then the monthly amount is calculated as follows:

£1,100/(12 – 1) = £100 Monthly


Monthly Instalments when a Deposit is paid

In this instance where a deposit has been paid the instalments are calculated differently the formula used is below:

Monthly Amount = (Premium MINUS Deposit) DIVIDED BY (Policy Term Length in Months MINUS 1)


For example; if the premium is £2,400 and the policy runs for 1 year with a deposit required of £200. The monthly amount is calculated as follows:

(£2400 - £200)/(12-1) = £200 Monthly


See Also:

Taking Card Payments

Taking a Card Payment on a Case

Recording a Cheque Payment on a Case

Recording a Bank Payment on a Case

Enabling Direct Debit

Managing Direct Debit Schedules

Auditing Changes to Cases including Direct Debit Schedules

Allowing Payments by Invoice

Reporting and Accounting for Direct Debit Payments