Adding Payment plans to database?<br><br>Hi Kathryn,<br><br>hee hee... well I was wondering what I would have to do to add payment plans to my current database.<br><br>I have customer table, payments and order/invoice in one table...not sure how to set it up...thanks for any help.<br><br>Aaron
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Payment Plan table....
- Thread starter advpay
- Start date
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- #2
I ahven't done this before but here's an idea. What about setting up a table per payment plan type, such as PercentOfTotal, Minimum, Maximum, PayPeriod StartDate, Rate, etc. and link that to the Customer table with a PayPlan ID? Then when you go to bill you could just apply the values in the payplan to test for whether and how much this person should be billed.
- Thread starter
- #4
MichaelRed
Programmer
advpay,
For me, MS Access IS the place to ".. chek out different design ...
Oh, Well on the the issue. In doing a payment "Plan", it is necessary to know and take into account a few additional details. The plain vanila version (usually only useful to show a customer at the start of a loan or ohter time payment. In the "real world" of actually paying off a "loan", there are details which make the calculation more difficult.
[tab]is there a grace period for the paymnet?
[tab]how are 'Excess' payment allocated (principal, interest, depend on other rules?
[tab]is interest charged on a per day/per month basis?
[tab]for late payments, is there an additional 'penalty'? Is so, how is it applied (taken from current payment, Added to principal?
This is just a BRIEF list of considerations, however I think it reflects the complexity of attempting to do this casually.
If you do serioously want to persue this, you need to know (and provide) all of the 'rules' which the payment plan need to follow. Then - perhaps - the collected wisdom of Tek-Tips could provide some help.
MichaelRed
There is never time to do it right but there is always time to do it over
For me, MS Access IS the place to ".. chek out different design ...
Oh, Well on the the issue. In doing a payment "Plan", it is necessary to know and take into account a few additional details. The plain vanila version (usually only useful to show a customer at the start of a loan or ohter time payment. In the "real world" of actually paying off a "loan", there are details which make the calculation more difficult.
[tab]is there a grace period for the paymnet?
[tab]how are 'Excess' payment allocated (principal, interest, depend on other rules?
[tab]is interest charged on a per day/per month basis?
[tab]for late payments, is there an additional 'penalty'? Is so, how is it applied (taken from current payment, Added to principal?
This is just a BRIEF list of considerations, however I think it reflects the complexity of attempting to do this casually.
If you do serioously want to persue this, you need to know (and provide) all of the 'rules' which the payment plan need to follow. Then - perhaps - the collected wisdom of Tek-Tips could provide some help.
MichaelRed
There is never time to do it right but there is always time to do it over
- Thread starter
- #6
Sure...here is the info from my Finance Charge Default table that covers most of the questions.
Minimum Days Past Due = 33
Minimum Customer Balance = 0
Minimum Finance Charge = 0
Number Days Between Charges = 33
Use One Month or Actual Days = month
Annual Finance Charge Pct = 18
Daily Finance Charge Pct n/a
Monthly Finance Charge Pct = 1.5%
Include Fin Chg in Past Due Amt (y/n) = n
Excess payments... Interest and then Princial.
No additional penalities for late payments.
Let me know if there's any other peices that i've left out...thanks
Minimum Days Past Due = 33
Minimum Customer Balance = 0
Minimum Finance Charge = 0
Number Days Between Charges = 33
Use One Month or Actual Days = month
Annual Finance Charge Pct = 18
Daily Finance Charge Pct n/a
Monthly Finance Charge Pct = 1.5%
Include Fin Chg in Past Due Amt (y/n) = n
Excess payments... Interest and then Princial.
No additional penalities for late payments.
Let me know if there's any other peices that i've left out...thanks
MichaelRed
Programmer
advpay,
I think this is a good start, I (and hopefully others) will think about this and get back to you - soon?
MichaelRed
There is never time to do it right but there is always time to do it over
I think this is a good start, I (and hopefully others) will think about this and get back to you - soon?
MichaelRed
There is never time to do it right but there is always time to do it over
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- #8
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