Define Payment Allocation Rules

Payment Allocation Rules define how money is distributed when a payment is made. There are three ways to allocate a payment: by account type, by account, or by line items.

Step 1: Navigate to Administration > Payment > Define Payment Allocation Rules.

Step 3: Select the rules appropriate for your organization.

The rule options are as follows:

Apply payments to account types based on: If a debtor has more than one account type, this will divide the payment among each account type based on 4 options:

  1. Pro rata: This means “proportional”. Pro rata applies the % ratio between the account balance and payment amount to line items.

Example: If the account balance is $200 and the payment is $100, it is 50% of the balance. Each line item will receive 50% distribution of their total.

  1. Equal split: evenly splits the payment to each account type
  2. Account type priority: when setting up an account type there is an option to assign a priority to the account type. If an account type has priority of 1 and another has a priority of 2 or higher, the account with a priority 1 will be paid on first.
  3. Do not apply by account type: prevents account type from impacting payment allocation

Apply payments to accounts based on:If the debtor has more than one account (maybe of the same type or a different type) this will split the payment by…

  1. Pro rata: This means “proportional”. Pro rata applies the % ratio between the account balance and payment amount to line items.

Example: If the account balance is $200 and the payment is $100, it is 50% of the balance. Each line item will receive 50% distribution of their total.

  1. Equal split: evenly splits the payment to each account
  2. Age of the account (Entered date): pays the oldest account first, based on the date the account was entered into the system
  3. Age of the account (Assessment date): pays the oldest account first, based on the date the account was assigned to your organization

NOTE: The assessment date can represent other dates that may not accurately reflect the assignment date.  Please check with your organization before using this option.

Apply payments to line items based on:splits the payment among an account’s line items by four different methods.

  1. Pro rata: This means “proportional”. Pro rata applies the % ratio between the account balance and payment amount to line items.

Example: If the account balance is $200 and the payment is $100, it is 50% of the balance. Each line item will receive 50% distribution of their total.

  1. Equal split: evenly splits the payment to each line item
  2. Line item priority: pays the line item with the highest priority first.

NOTE: Line item priority is established under Administration > Other > Define Code Types. Click on Line Item Type from the code types list, then place a number in the priority column. 1 is the highest priority.

  1. Oldest first: payment applies to the oldest line item first, until paid off, and then applies payment to the next oldest line item. If two or more line items are of an equal date, then the payment allocates pro rata amongst the two line items.

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All Support Team Members (866) 684-7387 RR_Support@revq.com
Chris Stickney (Support) Ext. 5673 Chris.Stickney@revq.com
Angel Davis (Support) Ext. 5756 Angel.Davis@revq.com
Kellie Mendenhall (Trainer)   Ext. 5676 Kellie.Mendenhall@revq.com
Aaron Burge (Installation) Ext. 5710 Aaron.Burge@revq.com

 

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