Future payments

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  • #19997
    Anonymous
    Guest

    When an award letter is received it can have a future payment date where the award is due to change. For example it will say you will get a payment of £51.26 on 07.07.08 and thereafter your weekly payments will change to £48.36.

    How would you put this change in on your system and what dates would you use.

    We are having an office debate with varying opinions on this!!

    #1740
    cfowkes
    Participant

    1st instalment of £48.36 on 14.07.08, effective 14.07.08.

    #1741
    maz
    Participant

    i would have thought in this example – the payment for 7 july is a weekly payment so covers the period 01jul08 – 07jul08 and the next payment then covers the 08jul08- 14jul08

    so the input would be 01jul08 then cic wef 08jul08

    example below
    weekly instalments :
    These are paid in arrears and payment is made on day 7.
    E.g. instalment paid on Wednesday 10Jan07 covers period Thursday 04Jan07 to 10Jan07. Treat income as starting from the first day of the 7 day period. For this example input from 04Jan07.

    #1742
    cfowkes
    Participant

    The date the change occurs is 08.07.08 but the change is effective from the Monday following i.e. 14.07.08.

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