As previously explained, when a lesser amount than the expected installment is recorded against the pledge, the balance of the installment is transferred to the next scheduled installment. If you have pledges with annual installments, this transfer of balances may not be acceptable since it means that any remaining amount due on the current installment will get pushed out to the following year. To keep the balance due in the current year requires quite a few steps (detailed below) - you may wish to consider the alternative of creating a separate pledge for each annual amount due with a payment interval of days - in that way, any remaining amount due will only be pushed out to the following day, not the following year.
A. A multi-year pledge is set up for a total amount of $2,500 payable in 5 annual installments of $500 each.
B. A $100 check was received as payment towards the first installment, since the expected amount is $500, the system adds the remaining $400 to next year’s expected installment– you decide to leave a total of $900 due for the following year.
C. The following year, you receive a $200 check that you record against the $900 expected installment – as expected, the system adds the remaining $700 to next year’s expected installment – you decide that the full $700 should remain payable in the current calendar year – use the following steps to update the pledge payment schedule:
- After recording the initial $100 contribution in 2015, your multi-year pledge should have looked like this:
- Before recording the $200 contribution for 2016, follow the instructions to Modify Pledge Payment Schedule entering values as shown in the screen shot below:
- After modifying the pledge payment according to the values in step 2 above, the pledge will look like this:
- After recording the $200 contribution for 2016, the pledge will look like this:
- Follow the instructions to Modify Pledge Payment Schedule once again, entering values as shown in the screen shot below:
- After modifying the pledge payment according to the values in step 5 above, the pledge will look like this:
- Starting with the last installment, click the Edit Scheduled Payment hyperlink to change the amount due ($550) to reflect the original schedule ($500):
- After modifying the amount of the 2018 and 2017 installments, respectively, the pledge will look like this: