Recurring Payment Schedule

Introduction

With the new Recurring Payment Schedule functionality customers will be able to plan ahead and easily create the correct payment schedule records for the coming period, e.g. for the coming year.

How to access

The Recurrent Payment Schedule is an object which can be found as a tab by opening the App Launcher.

How to use the Recurrent Payment Schedule

The solutions starts with defining the recurring payment schedule. A recurring payment schedule can be either monthly or weekly. The definition of a recurring payment schedule consists of:

  • Name
  • Payment schedule fields: Payment method, Source, Payment Processor, Status, Target, Finished Status, Additional SOQL. These values will be copied into the generated payment schedule records.
  • Business Hours: The solution will show in the preview if calculated dates are not on a business day as defined on the Business Hours record.
  • Start and end date: of the period to generate payment schedules for.
  • Repeat frequency , e.g. once every 3 months.
  • Determine collection date :
    • Monthly: collection day strategy (day of month, first of month, last friday)
    • Weekly: collect on which week days.
  • Determine run date : How many days to run schedule before the collection date.
  • Determine selection date : Selection day strategy (same as collection date or end of month).

Once saved, the solution will show a preview of the payment schedule records that will be generated. In the preview the user can fine-tune dates and remove payment schedules that do not need to be generated. Until this point, no changes to data are being made.

Generated payment schedules preview

When the user clicks “Create Payment Schedules”, the payment schedule records are generated and inserted into Salesforce.

How to enable

“How to enable” steps below are only required if you are planning to use this new feature. If not, these steps can be executed anytime in the future.

  1. Recurring Payment Schedule also has the FinDock picklist fields Payment Method, Payment Processor, Target and Source that need to be consistent with the setup. Use the “Deploy config” button under the Setup tab to trigger this sync.
  2. Make sure all relevant profiles have Recurring Payment Schedule record types Monthly and Weekly selected.
  3. Make sure all relevant profiles have Recurring Payment Schedule record type Monthly assigned to page layout “Recurring Payment Schedule Monthly Layout” and record type Weekly to page layout “Recurring Payment Schedule Weekly Layout”.

Changes to data model

  • New custom object: Recurring Payment Schedule (api name: cpm__Recurring_Payment_Schedule__c).
  • New optional lookup on Payment Schedule to Recurring Payment Schedule: Recurring Payment Schedule (api name: cpm__Recurring_Payment_Schedule__c).