How to Activate Finance Schedule | Latner Software Documentation

Activating a finance schedule marks the loan as live, which is the last step of setting one up before you start invoicing the repayments.

Overview

A schedule sits in Open while you're still building it. Activating it is how you say the repayment plan is right and the loan is running.

Activation moves the status from Open to Active, and the menu option is replaced by Complete Finance Schedule.
A schedule can't be activated until it has repayment lines.
Active schedules are the ones you'll see day to day - the Active quick filter on the Finance Schedules list is the shortest way back to them.
A completed or cancelled schedule can be brought back with Reactivate Finance Schedule, which is the same option under a different name.

Before You Begin

Make sure the following are in place before you start.

Requirement	Where to Find It
A finance schedule with repayment lines on its Details tab	See How to Generate Finance Schedule Details
Create Finance Schedule permission	Security › Configuration › Permission Groups › Financial › Options

Check the repayment lines against the financier's own schedule before you activate. Lines are easiest to correct now - once a line has been invoiced it can't be deleted, and the loan terms lock as soon as any principal has been invoiced.

Activating the Schedule

Step 1 - Choose Activate Finance Schedule

Open the finance schedule and choose Options › Activate Finance Schedule. There's no confirmation step - the schedule is activated straight away.

With repayment lines in place, Activate Finance Schedule becomes available and Generate Schedule Details is greyed out

Step 2 - Check the status

The status at the top of the schedule changes to Active. From here the Schedule Details (Excl. GST) panel tracks the loan as you invoice it, with Total Invoiced, Interest Invoiced, Principal Invoiced, Principal Outstanding and Total Outstanding all kept up to date.

An active schedule part way through its term - the invoiced totals move as each repayment is invoiced

After Activation

The repayments are ready to invoice - see How to Invoice Finance Schedule.
Repayment lines can still be added, edited or deleted while the schedule is Active, as long as they haven't been invoiced.
Once every line is invoiced or marked as invoiced, Latner completes the schedule for you and the status changes to Completed. You can also complete it yourself with Options › Complete Finance Schedule once the principal is fully invoiced.
Options › Cancel Finance Schedule stops any further invoicing, and needs the Cancel Finance Schedule permission.

Cancelling a schedule doesn't touch invoices that have already been raised against it. If a schedule was set up wrongly and invoiced, cancel those supplier invoices separately before starting again.

FAQs

Activate Finance Schedule is greyed out. Why?

The schedule has no repayment lines yet - hovering the option shows "Schedule details must be added before a Finance Schedule can be activated". Generate the details, or add them manually, and the option becomes available.

What's the practical difference between Open and Active?

Open means the schedule is still being set up, Active means the loan is running. The status is what you and your team filter and report on, so leaving a live loan sitting in Open makes the Finance Schedules list misleading.

The option says Reactivate Finance Schedule. What does that mean?

The schedule has been completed or cancelled. Reactivating puts it back to Active and clears the completed date, which is what you need if a repayment has to be reversed and invoiced again.

Complete Finance Schedule is greyed out.

There's still principal outstanding, so the schedule isn't fully invoiced - the tooltip reads "The Schedule must be fully invoiced before it can be completed". Invoice the remaining repayments, or mark them as invoiced, and the schedule completes itself anyway.