A Debtor Contributions schedule sets the expected amount, the frequency, and total to be received. This allows for arrears tracking and management.
Select the Debtor within the Job.
Select Contributions – Add.
Select the Contribution Type as ‘Other Contribution’ and proceed.
Enter in the appropriate details:
- The Gross Amount of Contributions is the total to be repaid in the Debt Agreement over the term of the schedule. For example, a 3 year debt agreement at $300 per week would be $46,800. A payment step up or down would require the creation of multiple schedules to be created.
- Example: Start A to Finish A with the Total Gross Amount for period, then ‘Add’ a 2nd schedule, Start B to Finish B, with the Gross Amount the total for Period B. Period A + period B should equal the total Gross Amount of Contributions for the entire Debt Agreement.
- Frequency is the payment to be received or expected per time period (for example Weekly, Fortnight, Monthly).
- First Payment Due is when the first payment under the administration is to be received.
- You can enter the No. of Payments in preference of Last Payment Due to automatically calculate the Last Payment Due. For example weekly payments for 3 years is 156.
- NB 'Create Receivables Schedule' - this option is for fixed invoice creation and only used for Bankruptcy appointments.
- Select Ok to complete.
- The Debtor contribution schedule is now created and the Debtors adherence to this schedule will be tracked. When you look at the Contributions tab moving forward it will show a summary.