Custom Payment Coverage

There are several quarterly payment frequencies you can select for your expenses. The table below breaks down the default values of each option. These values are also the default values for the Coverage Begin date for each quarter.

To learn how to configure your fiscal calendar to use English / Scottish / Irish quarters, please see the Fiscal Calendars walkthrough.

To utilize custom payment coverage:

1. Navigate to Contract > Payment Info > Recurring Expenses.

   Use the links in the Navigation Pane on the leftmost side of the page.

2. Select the recurring expense you want to edit from the Contract Expense Setup List.

3. Scroll to the Expense Schedule / Escalations section of the page.

4. Select the Custom Payment Coverage check box.

   The Pay in Arrears? check box is now hidden.

5. Scroll to the Custom Coverage Payments section of the page.

   Depending on what value you select from the Frequency field, the configuration options that appear in the Custom Coverage Payments section will differ.

6. Configure your custom payment coverage.

   You can change the Coverage Begin dates for the Annually, Semi-Annually, and Quarterly frequency options. For all other frequency options, you cannot change the Coverage Begin dates.

   There are no configuration options for the Monthly or None frequency options.

7. Click Save Changes.

   This displays in the Actions menu on the right side of the page.

If you created a custom Expense Setup page before the 19.12 release, the Custom Payment Coverage section will not appear on your Expense Setup page. You will need to make a copy of the global template to use this functionality.

To make a copy of the Expense Setup page:

1. Click Admin in the toolbar in the upper-right corner of the window.

   The System Administrator Dashboard page opens.

2. Click Manage Page Layouts link in the Company Administration column.

   The Manage Summary Pages page opens.

3. Select the Manage List Layouts tab.

   The Manage List Layouts page opens.

4. Click Add Item in the lower-right corner of the List Layouts table.

   The Add Item window opens.

5. Enter the name of the page layout in the Page Layout Name field.

6. Enter a description of the page layout in the Description field.

   We recommend that you add descriptions to every template, layout, or field you create in Lucernex, so that subsequent administrators will understand the purpose and context of the items you create.

7. Select the Contract > Payment Info > Recurring Expenses folder from the Parent Tab field.

8. Select Expense Setup from the Primary Table field.

9. Select the Yes option for the Allow Edit setting.

10. If you want the list layout to have even column widths, select the Even Column Widths?check box.

11. Select the Contract Expense Setup [Global Layout] layout from the Initialize layout from existing layout field.

12. Select the portfolio you want this list layout to be available for from the Available for the following Portfolios / Capital Programs field.

    All Portfolios / Capital Programs is selected by default. You can select multiple options.

13. Click Add.

    The window closes. The list layout appears in the Manage List Layouts table. You can view this page layout by selecting it from the field to the left of the Actions menu on the Contract > Payment Info > Recurring Expenses page.

If you use the Extend Contracts feature on a contract that utilizes Custom Payment Coverage, the system updates the last payment due date for these contracts using the following logic:

1. After extending the Expense Schedule End Date, Lucernex calculates the Coverage Begin Date and Coverage End Date of your last payment.

2. If the last payment due date falls outside of the last payment’s natural Coverage Begin and Coverage End Dates, then Lucernex updates the last payment due date to match the last payment Coverage Begin Date.