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Recalculation In Auto-Extension Mode

Recalculation In Auto-Extension Mode

Owned by Lango: Language and translation manager
Last updated: Sept 17, 2024 by Tomas Nagy
2 min read

Automatic extension of the contract is created as part of mass invoicing of installments (task), if all regular installments have been booked on the contract, the object has not been returned (the Return Date is not filled in) or the other conditions for automatic extension are met – see Contract With Services.

The aromatic extension contract has:

  • Financing Period (in Months) = original value

  • Expected Termination Date = original value

  • Contractual End Date = Original Value

  • Financing Period Extended (in Months) = Financing Period (in Months) + number of automatic renewal months

  • Contract Extension = Y

Other components:

  • The contract payment calendar is marked with automatic renewal lines Contract Extension=Y.

  • In Contract Services, you can see that services have a different Valid To after Extension date than Valid To.

  • The service payment calendar is marked with automatic renewal lines Contract Extension=Y.

  • Similarly, on insurance contracts and their payment schedules, the lines Contract Extension=Y are marked.

After the recalculation, the system executes/sets the following settings on the contract:

  • Financing Period (in Months) = new value after extension by wizard

  • Expected Termination Date = recalculated according to new value Financing Period (in Months) = Calculation Starting Date + Financing Period (in Months)

  • Contractual End Date = recalculated according to new value Financing Period (in months) = Handover Date + Financing Period (in Months)

  • Financing Period Extended (in Months) = Financing Period (in Months)

  • Contract Extension = N

The payment calendar will have new lines with Contract Extension=N and will be populated with the following fields:

  • Dátum rekalkulácie od (Recalc. Settl. Period From)

    • Date From the first record in the payment calendar

  • Recalculation Date To (Recalc. Settl. Period To)

    • Date To of the last posted record

Contract Services:

  • Valid To=Valid To After Extension

  • New payments in a payment contract have Contract Extension=N

Insurance Contracts:

  • Valid To=Valid To After Extension

  • New payments in a payment contract have Contract Extension=N