Stopping Interest and Skipping Payments

Stopping Interest

The interest calculation in a deal or lease can be stopped as of a specified date. To stop the current interest calculation, create an adjustment with the type as “Stop Interest Calculation.”

How to Stop Interest in a Deal

Payments Tab

When you are in a deal go the payments tab.

Adjustments

In the payments tab click the option for adjustments, and then new entry.

Type

Under type, select stop interest calculation.

Notes and Date

You can then input the date and notes if you would like. The interest calculation will then stop as of the date specified.

For a Lease

If you are in a lease, the process is similar, but you will go to collections first. Click collections, and then the adjustments option.

 

Skipping Payments

Payments can be skipped in a deal or lease by making an adjustment with type ‘Skip Payment’. There is also an option for the number of payments you want to skip, as well as the next payment due date.

How to Skip Payments in a Deal

Payments Tab

When you are in a deal go the payments tab.

Adjustments

In the payments tab click the option for adjustments, and then new entry.

Type

Under type, select skip payment.

Notes and Date

You can then input the date, the number of payments to skip, the next payment due date, and notes if you would like.

For a Lease

If you are in a lease, the process is similar, but you will go to collections first. Click collections, and then the adjustments option.