In our loan management system (LMS), we have several tools that help set irregular payment schedules. The best known is probably schedule roll, which lets you add several lines of a schedule—for instance, you can start with a low introductory rate with small or no payments, and then increase payment amounts or interest rates as time goes on. Sometimes schedule rolls won't reach the exact balance you want, though, so you can use a schedule round to adjust the final payment.
But instead of using those two tools independently, you can use the force tool to create a schedule roll that automatically adjusts with a schedule round. This article will explain how to use force tool to set up a payment schedule.
Forcing a Payment
Using the force tool is easy and can be done from the Account Setup > Setup Terms inside any specific loan. If the account is activated, you won’t have access to the force tool until you inactivate it.
To locate the force tool, navigate to Schedule Tools > Force. After clicking 'Force' you will be taken to a pop-up with the available options.
Your options include:
This menu lets you select from your roll schedule templates.
New Schedule Line
This button lets you add a new custom line to the payment schedule.
This icon allows you to enter a round amount to the final payment of the loan. Entering a positive value in this field will increase the final payment, while entering a negative value will reduce the final payment.
This option will attempt to force the payment schedule you enter to be exactly the payment schedule for the loan by rounding off or adding any necessary amount to the loan schedule.
This will delete any schedule lines or round amounts entered.
To create a new payment schedule, click 'New Schedule Line'. Here, you can enter in the available fields for the schedule. Click 'Save' when you're done.
After saving, click 'Force' to implement the payment schedule on the loan.