In the Payment Cycle page, you can define payment cycles. A payment cycle denotes how often a certain payment must be made. For example, if the payment cycle for a certain payment was ‘Quarterly’, then the payment will be divided into 4 payments a year. On the other hand, if the payment cycle was ‘Annually’, then the payment will be made once a year. These payment cycles will then be used in the Quotations, Endorsements, and Policy pages of the Production module.

To define a payment cycle, click  and then perform the following steps:

 

§  Note that the ID will be automatically generated once the payment cycle entry has been saved;

§  Enter the Name of the payment cycle. In the Name 2 field, you can enter in the name of the payment cycle in the alternate name of the system if so desired;

§  Select the Period Unit and Frequency of the payment cycle. For example, if the payment cycle is every 12 months; then the period unit would be ‘Month’ and the frequency would be ‘12’;

§  Enter in the No. of Payments within this payment cycle;

§  Enter in any relevant Notes regarding the payment cycle;

§  Check-in the Editable checkbox if this payment cycle can be edited in the Production module

§  Once you have finished entering the necessary data, click.

 

Upon saving, the Pay Method Details block appears where you can update the payment method details if needed;

 

Once you update the necessary information, click on ;