This task is used to change the payment amount or total due for a promissory note scheduled item in a household when a wrong amount was entered, or the installment billing/payments have changed, because the tenant is going to be paying either more or less per frequency than the original agreed to amount.
Caution!
There must be a signed promissory note in the scheduled items section of the Promissory Notes Tab with an Unbilled Balance.
When a Repayment Agreement has been created, and at least one payment has been received, the Maintain Selected Promissory Note task will no longer be available. Go to Household Detail > Accounting > Promissory Notes > Change Terms for Selected Note to update the terms.
To maintain a promissory note, follow these steps:
1. Go to Household Detail > Accounting Tab.
2. Go to Promissory Note.
3. In the Scheduled Items section, highlight the promissory note.
4. Go to Tasks > Maintain Selected Promissory Note.
5. To modify the selected promissory note, update the following fields:
▪ Payment Start Date—Enter a new start date for the payment.
Note
You may change the Payment Start Date when the Promissory Note has not billed yet. Once a Promissory Note has been billed, you can no longer change its Payment Start Date and this field will not allow edit.
▪ Payment Amount—Enter a new payment amount.
Note
If you selected the frequency of Once, the payment amount will be the full amount of the note. If you selected another frequency, and the tenant will be making installment payments over time, this will be the amount of each installment billing/payment. This field is not available when the frequency is set to Special.
▪ Bill at Move-Out—Select the parameter for billing.
Note
This is the remaining unbilled balance on the schedule to be billed out on move-out of the household. The remaining unbilled balance on a promissory note will not be billed with the move-out, but will be billed on the next schedule due date on the next regular billing cycle.
6. If the frequency of the payment has been set to Special, complete the following fields on the Repayment Schedule page:
▪ Payment Numbers—Enter or change the date and amount for each payment.
Note
This date cannot be before the Payment Start Date. This task allows you to set up customized payment dates as they are described in the Repayment Agreement with the household. After entering the payment amount, click Enter or Tab to add the next payment row. You can also click Add to generate additional payment rows.
You will need to keep creating payment rows until the remaining balance is zero, and the Total Payments amount equals the Total Due.
▪ Calculated Entries—Displays the billing schedule for the entirety of the promissory note based on the frequency selected.
Note
If the frequency Once was selected, the billing schedule will not display.
7. Click Finished, and then the following message will display:
▪ "Changing the payment amount will generate billing corrections from the start date of schedule forward. Are you sure you wish to change the payment amount?"
8. Click Yes or No.
▪ If you clicked Yes, a "Passed" or "Failed" message will appear and display any General Ledger (GL) entries created.
▪ If you clicked No, the previous page will display.
9. If the process failed, you may need to return to the page and make a correction. If the process fails after an adjustment, contact Bostonpost Client Support at myMRI, or contact a Client Support Analyst directly at (877) 579-8896 for assistance.
10. If the process passed, click Close.
Note
Once this process is complete, the updated promissory note appears in the Scheduled Items section, the Remaining Balance section updates, and the billing correction will appear in the Open Items section if the date was current. If the date is upcoming, the new first billing will appear in the Open Items section once the system reaches the Next date.