This article is for DeskManager Online. For DeskManager 11 see Financing Setup.
Finance Templates outline the finance structure of a deal, such as the interest rate, payment frequency, and number of days until first payment. Loading a finance template within a deal immediately configures the financing structure.
And just like with Taxes and Fees templates, you can have multiple different finance templates for different types of deals. For more information about creating deals, read our article here:
Creating a Finance Template
First, click the Settings cogwheel located at the bottom of the leftmost sidebar.
Under the Deal category in the top-left, click Finance Templates.
On the Finance Template setup page, click Add Template to create a new template.
In the left column, provide a name for this template, the Interest Rate, Term, and Payment Frequency.
Note that the term is equal to the number of payments. These are due according to the payment frequency.
A term of 12 with a Monthly payment frequency would be paid out across twelve months. But a term of 12 with a Bi-Weekly payment frequency would be paid out across six months, as the customer would pay every two weeks.
On the right column, configure the Period to First Payment, Finance Method, and Interest Calculation Method.
At the bottom of the finance template, you can also alter the APR that appears in the deal and any printed contracts.
By default, DeskManager Online will display the APR as the set interest rate unless the difference between these two rates is greater than .125. This is allowed according to Regulation Z tolerance.
You can instead choose to display the APR as the actual calculated value, which will likely differ from your set interest rate.
You may also choose to display either 3 or 4 APR decimals. This does not affect the calculation but will determine how many decimal points appear on the APR section of printed contracts.
If this is your most common financing method, check the Use as Default box. When a deal is created, the default finance template will automatically be applied, but a different template can always be loaded at any time.
Once you are satisfied with your finance template, click Save.