v7 FreeBalance Help

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Overview

Upon approval of a Payment, the Drops involved in the Payment are updated according to their Payment Progress (refer to Approve a Normal Payment for more information).  The Updated Payment Progress information will be used by the System to track Payments.

The following attributes, relating to the Contract Payment Progress, will be automatically Updated:

1. Drop Payment Current Progress: As a Drop may be paid through several Payments, the following formula is used: Drop Payment Current Progress = Sum of (Payment Detail Amount / Drop Amount). 

Note: The Sum of Payment Detail Amount will include Approved Payments which include the Drop (refer to Contract Line Item Drops for more information).  

2. Line Item Payment Current Progress: Is updated by the System with the following formula: Line Item Payment Current Progress = Drop Prorated Cost of Total * Drop Payment Current Progress. 

Note: The Line Item Payment Current Progress includes Drops that belong to the Line Item (refer Line Item for more information).

3. Contract Payment Current Progress: Is updated by the System with the following formula: Contract Payment Current Progress = Sum of (Line Item Prorated Cost of Total * Line Item Payment Current Progress). 

Note: The Contract Payment Current Progress formula uses all the Line Items belonging to a Contract (refer to Managed Contract for more information).