Rescheduling Pledges - Part 2

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In the first post of this series, we covered rescheduling pledges that are marked as Not Posted. In part two of our Rescheduling Pledges blog series, we are discussing pledges marked as Posted.   "How to reschedule posted pledges" is the most common question we see regarding rescheduling pledges, and it definitely can be frustrating if we do not have clear steps to follow!  This post will cover the two basic scenarios of rescheduled posted pledges: pledges without paid installments, and pledges with paid installments.

Rescheduling posted pledges without paid installments

Pledges that are marked as Posted cannot be rescheduled by clicking the Schedule button on the Gift tab of the pledge record.  If Mr. Davenport wants to change his monthly payments from $100 to $50, we instead need to add an Adjustment.  To do this, click Gift from the menu bar, and then select Adjust.

Gift > Adjust

The window that opens is called the Reschedule Pledge window.  On the Adjustment tab, we do not need to change anything if our only purpose is to change the monthly installment amount.  However, if the original installment date is outside of the closed fiscal period, we need to mark the Use adjustment GL post date for the reversal GL post date checkbox.  Then, go to the Installment Schedule tab.

'Use adjustment GL post date for the reversal GL post date'

The Installment Schedule tab will show the current schedule.  To set up the new payment schedule, click the Reschedule button.

Reschedule button on Adjustment Installment Schedule

When we click Reschedule, the Reschedule Unpaid Installments Wizard will open.  Because we are rescheduling all pledge installments, we want the Reschedule installments due after date to be the same as the pledge gift date.

In the Create New Schedule section, we set the Frequency, Number of Installments, the Day and the Starting on date just as we would when setting up an installment schedule for a new pledge.  In this case, the pledge payment schedule has monthly payments of 100 installments, on the day 31 of each month, starting on 7/31/2015:

Reschedule installments due after

When we are finished setting up the new schedule, click Next to see the New Schedule Results tab.

new installment schedule results

If the schedule is correct, click Finish, and the pledge will be rescheduled with $50 per month payments.

Rescheduling posted pledges with paid installments

In this situation, Ms. Parker has made seven $100 monthly installments on her $5000 pledge, but would like to reduce her monthly payments to $50 going forward.  Here is what her current installment schedule looks like:

Installments/Payments tab of a Gift record

Note the date in the bottom right-hand corner: 8/4/2015.  That date is passed the due date of her next $100 installment, but she would like the new schedule of $50 per month to retroactively take effect for the August 1st payment.

As with the first scenario, we need to click Gift from the menu bar, and then select Adjust to reschedule this pledge.   In the New Adjustment window, again as with the first scenario, we do not need to change anything on the Adjustment tab, except for checking the Use adjustment GL post date for the reversal GL post date box (if necessary).  Note that we want to leave the Adjusted amount as the full amount of the pledge ($5,000), not the amount of the balance to reschedule.

Adjusted amount $5,000 on the Adjustment tab

On the Installment Schedule tab, we click the Reschedule button to open the Reschedule Unpaid Installments Wizard.  Here, we need to change the Reschedule installments due after date to the date of the first installment that will be rescheduled.  Here, Ms. Parker made seven monthly payments of $100, but she wants her August 1 payment to start the new $50 monthly schedule.   So here, we change the date to 8/1/2015.  Once we do that, the Amount to redistribute will change to the pledge balance as of that date.

Reschedule installments due after; amount to redistribute

In the Create New Schedule section, we set up the schedule for the remaining balance.  Here, we have $4,300 left to reschedule with $50 monthly payments.  $4,300 divided by $50 is 86, so the number of installments in the new schedule will be 86.  The starting on date needs to be the date of the first installment due with the new schedule.  In this case, it is 8/1/2015.

Create New Schedule portion of the reschedule installments wizard

We click Next to view the new schedule, then Finish, then Save and Close out of the New Adjustment Windows.  Once we click Save and Close, a new window called Payment and Write-off Distributions will open.  This window allows you to apply the pledge payments to the pledge, now that the pledge has a new schedule.  We should be able to select Auto-Distribute to All, and the pay-cash gifts will automatically apply to the first 7 months of the pledge, just as they were prior to the adjustment.

Applied Amount = $0

This window first shows the pay-cash gifts, but they are not applied to the pledge (note the $0.00 values in the Applied Amount column).

Applied Amount = $100

Once we select Auto-Distribute to All, the Applied Amount column auto-fills with the payment.  Once we click OK, the rescheduling is complete.  Now, the Installments/Payments tab on the Gift record shows the previous $100 payments, with a new schedule of $50 per month starting on 8/1/2015:

Installments/Payments tab of completed rescheduled installments

Voila! We've rescheduled Posted pledges both with and without payments applied! In the next post of this series, we will discuss partial write-offs and partially-paid installments. Stay tuned!
News Raiser's Edge® Blog 08/11/2015 8:00am EDT

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1 Comments

Looking for Part 3 please?

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