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TFS User Guide Table
TFS User Guide Table
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The Payments screen displays all payments for the contract. Individual payments can be viewed or edited. If a residual payment is included, it will have its own payment record at the end of the contract.


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titleOpening the Payments Screen - Click here to expand...
  • From the Loan Contract menu, select Payments.
  • From the sidebar, select Loan Contract then Payments.


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The Amount column is the total amount for an individual payment.

The Penalties column is the total of unwaived penalties that may apply to an overdue payment. There are two penalties that may apply:

  • Late Payment Fee
  • Penalty Interest

The penalties amount is calculated as the sum of the total of each penalty revenue item. However, if an agreed penalty amount has been paid, for example $200 instead of the calculated $300, then the paid Amount value on the Revenue dialog is used instead of the penalty revenue total. This helps show actual penalties and excludes any variance.


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titlePayment Dialog - Click here to expand...

The Payment dialog is used to enter a payment that has been received. To open the Payment dialog, double-click a payment or highlight a payment and click the Edit button. On opening the dialog, the payment (and contract) Status is updated and refreshed.

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If the payment On Time? field is set to Yes or Unknown, the Late Payment Fee and Penalty Interest sections will be disabled. If the payment On Time? field is set to No, the Late Payment Fee and Penalty Interest sections will be enabled only if the Revenue - Late Payment Fee and Revenue - Penalty Interest sections have been completed on the Contract Overview screen (see Contract Overview).

You can waive the penalty revenue by setting the Waived field to Yes.

An alert and/or follow-up record can be created from this payment. Once an alert or follow up has been created, the Make an Alert? and/or Mark for Follow Up? fields will be disabled.

Entering an On-Time Payment

Once a payment has been received, the Payment dialog is used to update a payment.

  1. Open the Payment dialog.
  2. Enter the date the payment was received in the Received field.
  3. Ensure the On Time? field is set to Yes.
  4. Click OK.

Waiving a Late Penalty

If the client can demonstrate reasonable cause, a broker may decide to waive a penalty charge. To waive a late payment fee: 

  1. Open the Payment dialog.
  2. Ensure the On Time? field is set to No.
  3. In the Late Payment Fee and/or Penalty Interest groups, modify the Waived field to Yes. The Date Waived and Waived By fields can be entered.
  4. Enter the Date Waived and Waived By fields.
  5. Click OK. The revenue details on the Revenue/Invoice screen (see Revenue/Invoice) will be updated.