Summary

The Change Assessment window is used to update the principal, interest rate, term and fixed bill or fixed principal amount details on an existing assessment. This window can also be used to recalculate the bill amount across the remaining term of the assessment in the event that a payment larger than the expected bill amount is made.

Step by Step

1     Select the Assessment you would like to update.

• Open the Change Assessment Selection window (SA> Utilities> Change Assessment).
• Enter any assessment details in the Search Criteria section and click the Refresh icon to filter the displayed assessments.
• Highlight an assessment and click the Modify icon or press ENTER to update the selected assessment details. This will open the Change Assessment window.

2     Recalculate the bill amount or update the assessment details.

• The Change Assessment window is used to recalculate the bill amount or to update the assessment details. These processes should be carried out independently. Recalculating the bill amount and updating the other assessment details concurrently is not recommended.
• If a payment to Principal exceeds the billed amount has been received on the assessment, click the Recalculate icon to recalculate the standard billing amount across the remaining term of the assessment.
  • The New Bill Amount field below will automatically update to display the new amount that will be billed for the remainder of the assessment term. The other fields on the window will not be affected.
  • This is an optional process. Some organizations will choose to continue billing an assessment based on the original billing amounts. In this case, when a payment that exceeds the billed amount is received, the effects of that overpayment will not be seen until the end of the assessment term. The final billing on the assessment might be reduced or, if the overpayment amount exceeded the amount of an entire billing, the final billing could occur before the expected end of the assessment term.
• If the general assessment details need to be edited, enter a New Original Principal, New Interest Rate, New Term (Months) and New Bill Amount or New Fixed Principal for the assessment.
  • The Bill Method set up on the selected assessment will determine if the Bill Amount or Fixed Principal is displayed. The Bill Method is set up on the Assessment Maintenance window (SA> Maintenance> Assessment> General tab> Bill Method field).
  • As you update these fields, the other editable fields may automatically change to reflect these updates.
• Click the Save icon when the changes are complete.