View Time Payment Entry screen.

The "Loan" is the "Total Amount Financed." As months go by and time payments are incremented, this loan amount diminishes. The Amount Of Loan Remaining will display how much the patient still owes on the time payment. This may not equal the Total Balance for the account because it is possible to post additional charges to the account that are outside the time payment loan.

After clicking the Calculate button you will notice that the Due Now amount does not change. This is because the Calculate button does not permanently record anything. It is permissible to click Calculate and see how the numbers come out, and then change the figures and click Calculate again to see how those values come out. Nothing is permanent until you click on the Set Time Payment button.

Set Time Payment
When the Time Payment Entry screen is the way you want it, click the Set Time Payment button to record the time payment contract for this account. Until this time, nothing is set. You could close the screen and the account will not be affected. When you click the Set Time Payment button you will see the Due Now amount change to the value of the Down Payment. The Down Payment is therefore, "due now." If you were to view the account ledger you would see a Due Now Adjustment to the account for the difference in the Due Now from before and after the time payment agreement was set.

Time Payment Contract and Amortization Schedule
After setting the time payment you will be able to print (or print preview) a Time Payment Agreement. The agreement spells out the terms of the contract and has a place for the responsible party to sign. A copy is usually given to the patient.

You may also print an Amortization Schedule for this loan. This will detail the progress of the loan showing the monthly cycle number, payment, principal, and interest.

Cancel Time Payment Contract
To cancel an existing time payment contract, click on the Cancel Time Payment button. If you need to modify an existing time payment contract you must fist cancel the time payment, then re-setup the contract with whatever new values you desire.