$0 Payments in an ASPIRE Payment Stream

$0 Payments in an ASPIRE Payment Stream

$0 (Zero Dollars) payments are often mishandled in ASPIRE. 

In the past, users have been entering $0 payments on the payment stream to fill any gaps for deferred payments on a contract.  This works well until a credit memo needs to be generated on the deal beyond a $0 payment.  The system does not create any invoices for $0 payment entries and so you are unable to credit memo them.  The only way to resolve this is by a script. 
 
The best practice in these cases is not to enter any $0 payments in the payment stream.  ASPIRE does not need the placeholder.  It will calculate the interest correctly whether there is a $0 payment or not. 
 
Example – payment stream with $0 payments 




The preferred way to enter into ASPIRE


    • Related Articles

    • How to build Payments "In Advance" vs Payments "In Arears"

      In ASPIRE, the user is able to build a payment stream with payments "in advance" of the billing period or the user can build a payment stream with the payments "in arears" of the billing period. Please see the attachment for detailed information how ...

    • Payments in Advance versus Payments in Arrears

      When building the payment schedule in ASPIRE it is important to understand the period that the payment is to cover. This will help when wanting to display the payment period on invoices. Payments in Advance (most common) When building this payment ...

    • Vendor Payments via EFT using the ASPIRE Accounts Payable Module

      If you are using the AP module and want to generate a Vendor Payment file AND you also want ASPIRE to generate the GL activity (Dr AP and Cr CASH), this is how you would set up the Vendor and the Invoice. Note: you will need both the Accounts Payable ...

    • Error When Opening Document Templates in Aspire

      Example of Error: How to Resolve: 1. Open the Control Panel, locate Office, right-click and select "Change". 2. Make sure that the "Add or Remove Features" is selected and click "Continue". 3. Expand "Office Tools". 4. Make sure that "Actions .NET ...

    • Bulk Processing of Payment Extensions

      See attached document for details. In response to the increased number of borrower payment deferment requests, LTi has developed an add-on utility that allows bulk modifying multiple contracts for payment extensions.