Recurring Payments: Initial, General and Final

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Wirmike
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Recurring Payments: Initial, General and Final

Post by Wirmike »

Recurring Payments: Initial, General and Final;
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Introduction
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Much has been written re Recurring Transactions and the vexed head-scratching that these seem to have caused. In spite of this , can I add the following and perhaps stir up the subject again!?
A recurring transaction, be it a direct debit (DD) or a standing order (SO) mandate will often be for a defined period, quite often a year.
The payments are divided out over, say, a number of months. The fractional payments often require an initial or final payment that differs from the other normal regular payments. It is these payments that need a ‘fiddle’ to be applied whereby, say the first payment is entered into the account in advance and the payment is then
changed to the regular say, nine or eleven remaining ones for the year.
This is ‘messy’, resulting in advance greyed-out transactions.
Proposal
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That the Recurring Transaction set-up be changed to include the two-payment amount options.
This would be a field for the first or final amount and a field for the remaining, regular amounts. Clear Start and End dates and a total number of payments for the period, payments made and the number outstanding.
(Frequency and payment dates are, naturally, part of the set-up process already)
That is Total DUE - Payments MADE = Payments OUTSTANDING

I hope that these ideas prove useful.

END
siowena
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Re: Recurring Payments: Initial, General and Final

Post by siowena »

While I understand where you're coming from, but some work arounds.

I assume you know you can adjust the figure as you enter the transaction if you select either enter on the Recurring Transaction screen or have it set to prompt. You can put a comment to reminder yourself to adjust payment 1 & 12.. I have to do this anyway as my DDs sometimes vary on the dates, especially when the date is a weekend or bank holiday - always seem to be brought forward and not pushed back !!!

Alternatives you can set up three payments
1. for the 1st payment for a 1 payment on the start date, e.g. 10th Jan 2020
1. for the 2nd-11th payments monthly started on the 2nd month's date, e.g. 10th Feb 2020, for 10 periods.
1. for the 12th payment for a 1 payment on the last payment date, e.g. 10th Dec 2020.
Wirmike
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Re: Recurring Payments: Initial, General and Final

Post by Wirmike »

Thank you for taking time in the ‘work round’ reply.

My idea really centred on what could be called a ‘single-transaction’ solution.

But I’ll log your bulleted suggestion - will no doubt prove useful.

Maybe, the pressured MMEX developer pool may get around to streamlining this. The priority will be low(ish) though as basically, w/- an eye on the ball, these transactions ARE manageable as things are.
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