Using this task, you can change the terms for existing promissory notes for the household selected in context. Upon completion of the task, the existing note expires and a new note with the updated terms is added. The Change Terms for Selected Note task is only available after a new receivable or subsidy has been added, and the receivable or subsidy has been transferred to a promissory note.
For repayment agreements, this task is only available after the agreement is signed by completing the Sign Promissory Note and Related Certs task, or when the agreement is created by completing the Convert Subsidy Due to Promissory Note task.
Note
In addition, for repayment agreements, the Change Terms for Selected Note task is available on the Tasks list when the household has an active repayment agreement with a balance schedule and has issued a payment that has been applied to the repayment agreement, regardless of whether it has been included on a HAP. If the repayment agreement has not become active and has not had a payment applied to it, users cannot access this task for the item, and can only access the Maintain Selected Promissory Note task.
To change terms for a selected note, follow these steps:
1. Go to Household Detail > Accounting.
2. Go to Promissory Notes.
3. In the Scheduled Item(s) list, highlight the item for which you want to change the terms.
4. Go to Tasks > Change Terms for Selected Note.
5. On the Effective Date tab, in the Effective Date field, enter or select the date on which the updated terms take effect.
6. Click Next.
7. On the Items tab, review the items that are included in the updated note, and then click Next.
8. On the Add Promissory Note tab, in the Schedule Information area, review or complete the following fields or options:
▪ Type—Displays the type of the scheduled item that you are updating.
▪ Frequency—Select the frequency with which the household must make payments for the note.
▪ Agreement Type—Select one of the following agreement types:
▪ T - Tenant Repayment Agreement—Select this option if the note is for a household's repayment agreement.
▪ N - None or No Agreement—Select this option if the note is not for a household's repayment agreement.
▪ Payment Start Date—Displays the new date on which payments begin for the household.
▪ Agreement ID—Displays the unique agreement ID number.
▪ Payment Amount—Enter the amount of each payment.
▪ Total Due—Displays the total amount due from the household on the promissory note.
▪ Bill At Moveout—Select this check box to bill the household if and when they move out of their unit.
▪ Note—Enter any relevant notes.
▪ Note Effective Date—Displays the date on which the updated note takes effect.
9. In the Repayment Cost area, select one of the following options for the amount of the household's repayment:
▪ None—Select this option if you do not want to include the repayment cost.
▪ By Amount—Select this option if you want to add the repayment cost by entering the amount. If you select this option, in the Retained Costs per monthly billing field, enter the amount.
▪ By Percent—Select this option if you want to add the repayment cost by entering the percentage. If you select this option, in the Retained Costs Percentage (whole number form) field, enter the percentage of the payment amount.
10. To calculate the number of payments, the household's remaining balance, and the number of payments remaining, in the Calculated Entries area, click Calculate.
11. When you have confirmed that the updated terms and details are correct, click Next.
Note
If you changed the payment amount in the Payment Amount field in the Schedule Information area, a message appears to alert you that the system will generate billing corrections beginning with the start date. Before proceeding, you must confirm that you want to change the payment amount.
12. On the Results window, you can complete the following:
▪ To print the results, click Print.
▪ To copy the results for your records, click Copy.
▪ To close the Results window, click Close. When you close the results window, the Print tab appears.
13. On the Print tab, select any relevant documents that you want to print.
14. Click Finished.