Payment Priority
The Payment Priority Property Class is used by Facility Product Line to define the order in which the combined repayment is allocated between the facility dues on the facility and dues on drawings under the facility. Combined payment received at the Facility level is allocated to individual Drawing arrangements based on the rules defined in this Property Class.
The user can create multiple drawings under a single Facility and the bills will be combined at facility level. The user can make a single payment using Facility arrangement and is allocated to each drawings based on the rules set in Payment Priority. The priority is based on different factors like Product Group, product, bill date, bill type and so on.
Product Lines
The following Product Line uses the Payment Priority Property Class:
- Facility
Property Class type
The Payment Priority Property Class (mandatory) uses the following Property Class Types:
- Dated
- Multiple
- Tracking
Property type
The Payment Priority Property Class is associated with the PRODUCT.ONLY Property Type.
Balance Prefix
The Payment Priority Property Class is not associated with balance prefix and suffix.
Attributes
The following are the attributes of Payment Priority Property Class.
Application Type
The value in this attribute must be a valid record in AA.PAYMENT.RULE.TYPE. The received payment should be allocated to the following options.
- ACTIVITY – Payment is done towards the specified activity. Payment Rule Activity indicates the respective activity.
- BALANCES – Payment is applied on arrangements’ current balances.
- BILL.PROPERTY – Payments to due amounts is Property wise (such as Interest Property and Account Property).
- BILL.DATE – Payment to due amounts is date wise.
- PAY.IN.ADVANCE – Indicates the amount that should go in to UNC balance.
- ADVANCE – The payment amount is applied on the arrangement current balances of interest, account Properties and advance due balances for charge Properties. The system raises future bills in advance, which are in both SETTLED and ADVANCED status. It can be set only for the PAYMENT bill types and valid only for DUE payment method. The Property must belong to system calculated payment types and any charges. It is valid when a bill is in ISSUED status.
Priority Rule
The value in the attribute must be a valid record in AA.PAYMENT.PRIORITY.TYPE. It decides the PAYMENT.PRIORITY to be applied based on which characteristics of Arrangement or bills. Available values are:
- BALANCES – Payment is made based on the user-defined order given in priority rule list field.
- BILL.DATE – Payment is made based on the bill date either from oldest to newest or vice versa.
- INTEREST.RATE – Payment is made based on the interest rate either from highest to lowest or vice versa.
- OUTSTANDING.AMOUNT – Payment is made based on the outstanding amount to repay either from highest to lowest or vice versa.
- PRODUCT – Payment is made based on the user-defined order of the products given in priority rule list field.
- PRODUCT.GROUP – Payment is made based on the user-defined order of the product group given in priority rule list field.
- PROPERTY – Payment is made based on the user-defined order of Properties given in Priority Rule List field.
- ROUTINE – Payment allocation is towards current outstanding balances or capital. But, the local routine mentioned in Prioritise Routine field of AA.PAYMENT.PRIORITY.TYPE returns the amount that should be allocated to each arrangement.
- START.DATE – Payment is made based on the bill date either from oldest to newest or vice versa.
Priority Rule List
It is a multi-valued field. The sequence in which the allocation of repayments must be done is set up in this field based on the following options provided in the ‘Priority Rule field.
- BALANCES
- PRODUCT
- PRODUCT.GROUP
- PROPERTY
- ROUTINE
Reminder Priority
When excess amount is available, after the payment allocation is completed based on the payment priority specified, this field specifies the action to be performed with the excess amount.
Advance Payment Method
Denotes how the repaid amount is applied to produce the future scheduled bills, in advance. They are mandatory for the ADVANCE payment rule type. Allowed values are FULL and PARTIAL. When set to,
- FULL – Denotes the repaid amount is eligible to settle future scheduled bills only if it settles the entire bill amount.
- PARTIAL – Denotes the repaid amount is eligible to settle future scheduled bills even if it settles only partial amount.
Periodic Attribute Classes
The Payment Priority Property Class is not associated with any periodic attribute class.
Actions
Individual AA.PROPERTY.CLASS.ACTION indicates the Product Line it’s associated with.
The Payment Rules Property Class performs the following actions:
- UPDATE
- ALLOCATE
Accounting Events
The Payment Priority Property Class does not perform any actions that generate accounting events.
Limits Interaction
The Payment Priority Property Class does not perform any actions that impact on the limits system.
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