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Create New Schedule Version

If the contract terms have changed, requiring a modification (e.g., a change in price or interest rate), this is done using the Create New Schedule Version action on the existing contract.

You will be prompted to confirm the deactivation of the current schedule and creation of a new version.

Schedule Version Actions​

The action allows you to:

  1. Create a new schedule.
  2. Enter the new modifications (price and interest rate) on the new schedule.
  3. The contract itself will display two versions of the schedule (version 1, 2, 3, 4… depending on how many changes have been made to a single schedule).
  4. Each schedule has its own status.

A schedule that was previously in Active status is now in Old status. The Old status indicates that the contract terms have been changed, and no modifications can be made to that schedule. If you attempt to reverse or post any installment from a schedule in Old status, the system will display an error.

New Schedule Configuration​

The newly created schedule is initially in New status. Enter the updated contract terms on this schedule, and once it is confirmed, its status will change to Active.

On a new payment schedule, the fixed assets, number of payments, and the start and end periods are locked and cannot be changed. Only a new price and new interest rate can be entered, as these are editable fields. After entry, the system will validate the rows of the schedule.

After making changes, it is necessary to confirm the schedule using the Confirm action so that the Liability Term Type (long-term and short-term) is assigned to the schedule rows and the price change posting is triggered.

New schedule header image:

Confirmation and Posting​

By using the Confirm action, the entries are posted, and the system will:

  1. Reverse the entries from the old repayment plan.
  2. Post new entries according to the new repayment plan.
  3. The difference between the old and new repayment plan represents the amount of the fixed asset, which will be additionally posted to the existing fixed asset.
  4. Document number – The prefix DE before the contract number indicates that a deactivation has been posted and the price on the repayment plan has been changed.

After confirmation, in addition to the generated entries and the maturity of liabilities, the status of the repayment plan is changed to Active. We can see that version 1 is in Old status, while version 2 is in Active status.

After confirming, it is possible to proceed with posting individual installments, as well as posting subsequent changes to the contract terms, if needed.