Payment Plan Financials

With the introduction of Payment Plans, there is a little more nuance to Majestri's financial system from a debt perspective. You will still be able to see who owes the club money, but there's a subtlety to it now - you don't necessarily want to chase a member for payment if they have formally committed to paying that debt off with a Payment Plan.

To accurately reflect the subtlety of these situations, we've introduced a couple of new concepts into the software that prevent mistakes being made. This article introduces these concepts and explains how they fit into the overall scheme that is at the financial heart of Majestri.

Pre-Reading

If you're up to this stage, then our assumption is that you already have a pretty good handle on Majestri's financial system.


If you're not sure, then don't hesitate to read up on Majestri's Financial System in order for these new concepts to make total sense to you.

If you're brand new to Payment Plans, then our Overview is the best place to start.

Impacted Screens

You will notice that the following financial screens contain extra amounts columns than they had before Payment Plans came along:
  • Outstanding Debts
  • Event Registrations
  • Orders

The new columns are the same across all 3 screens, and we'll use the Outstanding Debts screen in our explanations below.

Amounts Explained

Refer to this screenshot of your new-look Outstanding Debts interface. An explanation of each amount is below.


Outstanding Debts - Pending Amounts

Invoiced Amount
The total debt invoiced for a member with outstanding debt.

Applied Amount
How much money has been paid off the debt thus far.

Committed Amount
How much debt the member has committed to pay via an active Payment Plan. This number should reduce over time as the Payment Plan is paid off (which will be reflected in the Applied Amount).

Pending Amount
This is how much debt the member has applied to pay off via a Payment Plan. Once the Payment Plan is active, the Pending Amount will be reflected as a Committed Amount.

Payable Amount
This is how much is still owing, once the Applied Amount, Committed Amount and Pending Amount are taken into account against the original debt. This is the amount that can be manually receipted. This amount can also be paid via the Member by sending them a chase up email.