Rental Payment Data Fields

Payoff Amount

If the contract is either Rent to Own, Sales, Simple Interest or Rent to Rent with option to pay off the contract once the purchase price on the contract is reached, the Payoff Amount will appear. The payoff amount is the amount the customer would pay if they were to pay off the contract on the date in the Date box.

Total Rent Due

The total rent due amount is the total amount due on the date in the Date box. This amount includes current late charges, previously assessed, unpaid late charges and other charges. If a payment is not yet due, the Total Rent Due will be 0.00.

Next Due

The Next Due represents the current payment number due, the date the payment is due and the amount. Once the current payment amount is entered in the Amount Received box, the Next Due will be changed to represent the next payment number due, the date the payment is due and the amount. The amount that appears here is the payment amount only. Late and other charges are not included.

Amount Received

Enter the amount the customer is paying on the contract in the Amount Received box. This amount should include late charges and other charges.

# Pays

This is the number of rental payments the customer is paying. This number will automatically be calculated for you.

Collected Late

If a portion of the amount entered in the Amount Received box is a late charge, enter the portion that is the late charge in the Collected Late box.

Collected Other

If a portion of the amount entered in the Amount Received box is an other charge, enter the portion that is the other charge in the Collected Other box.

Partial Pay

If the customer is making a partial payment, the portion calculated as the partial payment will automatically appear in the Partial Pay box. The Next Due amount will then reflect partial payments.

Example: The next payment due date is 11/15/00 and the amount due is $50.00. On 10/29/00 the customer makes a payment of $25.00. When the amount of $25.00 is entered in the Payment Received box, the # Pays will be 0, the Partial Pay will be $25.00, the Next Due date remains at 11/15/00 and the amount due will be $25.00.