Recurring Payment Schedule
API name
cpm__Recurring_Payment_Schedule__c
Description
The Recurring Payment Schedule object represents multiple payment collection runs for a specific source, payment process and payment method. Individual Payment schedules define the scope of each payment run and selects or generates installments accordingly.
Fields
The definition of a recurring payment schedule consists of a set of "information" fields and "scheduling" fields. Here we only provide the fields that are unique to the Recurring Payment Schedule object. For other fields, please refer to the Payment Schedule object definition.
The fields on the recurring payment schedule object are dynamic. Only the fields relevant for the selected frequency (daily, weekly or monthly) are displayed.
| Field | Description |
|---|---|
| Recurring Payment Schedule Name | Enter a unique, transparent name that makes it easy to find the desired schedule from the recurring schedule list. |
| Auto Create | Check to enable auto-creation of payment schedules. See also Auto-collect payments. |
| Run Date Conflict Strategy | Select next or previous working day if calculated run date is not within business hours; not required for daily or weekly recurring schedules |
| Collection Date Conflict Strategy | Select next or previous working day if calculated collection date is not within business hours; not required for daily or weekly recurring schedules |
| Mapped Payment Schedule Fields | See Payment Schedule |
| Repeat Frequency | Defines how often payment schedule records are created. Enter a value 1 or more. Most often 1 is used, meaning create a record every week or every month depending on the recurring schedule type. 3 would mean create a record every 3 weeks/months. |
| Targeted Collection Day of Month | If Monthly Collection Day Strategy is 'Day of Month,' this field defines which day of the month (1-31) is used as the collection date. |
| Monthly Collection Day Strategy | This field defines how the collection day is calculated. You can chose first Monday or last Friday of the month, or select 'Day of Month' and use the Targeted Collection Day of Month to set a specific day of the month. |
| Run # of Business Days before Coll. Date | Determines the payment schedule run date. Enter the number of days before the calculated collection date that the schedule should be run. |
| Selection Day Strategy | Each installment has to have a due date on or before the selection date to be included in a payment schedule. When the recurring schedule creates payment schedule record, the selection date is calculated based on the collection date. You can set the selection date to be the same as the calculated collection date. The other option is to set it to be the last day of the month according to the month of the calculated collection date. |
| Start Date | Date when recurring schedule activates |
| End Date | Date when recurring schedule ends |
| Business Hours | Select the Business Hours record that should be used in the preview to check that calculated dates are working days. |
| Collect on Monday, etc. | Check which days can be collection dates |