Overview:
To enter a reoccurring payment in Cradle, create an agreement, in the Initial Recognition tab you will then navigate to Payment Inputs.
How to enter the payment inputs?
The following video quickly walks through how to enter payment inputs:
Video length: 1 minute
Alternatively, follow the steps below to enter a recurring payment in Cradle.
Step 1: go to the Initial Recognition tab of an agreement and refer to the Payment Inputs section
Step 2: Key in the payment timing. Select In advance if you pay before using the asset, or Select In arrears if you pay after using the asset
Step 3: Select the payment frequency. The pre-set drop-down list provides the option to set to pay weekly, monthly, quarterly, semi-annually, or annually
Or, you may click Switch to advanced to key in the customized interval. E.g. Every 4 months or every 10 days etc. For more information, please see this article
Step 4: Put in the month and year of the payment, as well as the day of the month
Step 5: Key in the fixed reoccurring amount
The Definition of Each Data Field
Payment Timing: This determines when the payment is made. Does the lessee pay before using the asset (In advance) or after using the asset (In arrears) for the set payment frequency, e.g. monthly
Payment Frequency: The frequency you make periodic payments. You may select a pre-set frequency: weekly, monthly, quarterly, semi-annually, or annually. Alternatively, you may click “switch to advanced” and you may enter “every x months/weeks/days
Month of first payment: Select the month and year when the payments occur. Remember not to forget when the commencement/transition of the lease is!
Pay On Day of Month: Select the day of the month the payment occurs on
Fixed Payment Amount: The amount of the recurring payment
FAQs:
What to do if my lease only requires one payment for the entire lease term? You would enter the number of months to line up same as the duration of the lease term. E.g. A 5-year lease is 60 months so put in every 60 months as the payment frequency. For detailed explanation, please see this article
Further Reading: