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Creating and Managing an Installment Account

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An installment account is any account that has a fixed payment over a fixed period of time. Installment accounts in Argenta allow you to enter a starting balance, then add payments and increases, such as interest, over the life of the loan.

 

To Add an Installment Account

  • From the main menu, select “General Financials”.
  • Select “Chart of Accounts”.
  • Click the “Add New” button.
  • In the “Account Designation” drop down list select, “Installment Account”.
  • Select or add an “Account Type” that fits with the type of account.
  • Provide the “Account Number”.
  • Provide an “Account Name”.
  • Select the date the account was opened or the term began.
  • Enter the “Starting Balance”, that is the total amount you owe.
  • Provide Contact Information if applicable.
  • Click the “Add This Bank Account” button.
  • The add window will close and you will see your new account in the Chart of Accounts list.

 

To View and Add Transactions in an Installment Account

Installment accounts have a separate account register. Argenta will direct you to the correct register based on the type of account you’re trying to access.

 

  • You can access the account's transaction register in two ways.
    • From the “Chart of Accounts”, click on the Account Name. This will take you directly to that account’s transaction register.
    • From the main menu select “General Financials”. Select “Account Registers”. Choose the account you would like to view in the drop-down list in the title bar.
 

 

  • You will see your initial balance in the transaction list. It will be displayed as an increase, as it is increasing the amount you owe to this account holder.
  • To add a new transaction, click the “Add New” button.
  • Your current account will display in the “Installment Account” drop-down list.
  • Select a Transaction Category. These are pre-loaded for installment accounts.
  • Enter the transaction date.
  • Select whether the transaction is a Payment/Decrease or an Increase.
    • Payments or Credits to your account are decreases.
    • Interest or additional charges are increases.
  • Enter a currency value in the amount field.
  • If you used a specific payment type, select it in the “Payment Type” field.
  • If applicable, enter a “Check/PO/Reference Number” for your transaction.
  • If the transaction is recurring, select “Yes” in the “Is This Transaction Recurring?” field.
  • If the transaction is recurring select how frequently the transaction will occur.
  • If you would like Argenta to automatically enter this transaction each time it occurs (base on recurring frequency), select “Yes” in the “Auto Input Subsequent Transactions?” field.
  • If you would like to add this transaction to your General Ledger, select “Add Transaction To The General Ledger”. *Note: Typically, only Payments you have made from a bank account should be added to the GL. Increases and Decreases to this account would not be reflected in your other accounts.

 

To View and/or Update Transaction Details in an Installment Account

Installment accounts have a separate account register. Argenta will direct you to the correct register based on the type of account you’re trying to access.

  • You can access the account’s transaction register in two ways.
    • From the “Chart of Accounts”, click on the Account Name. This will take you directly to that account’s transaction register.
    • From the main menu select “General Financials”. Select “Account Registers”. Choose the account you would like to view in the drop-down list in the title bar.
  • You will see the transactions for the account you selected in the list. To open the transaction record, click the corresponding icon.
  • Make any necessary changes to the transaction on the Transaction Detail screen. If you chose to add the transaction as an auto recurrence or to the General Ledger, any changes you make on this screen will be reflected in those sections as well.
 

 

 

  • Once a transaction has been entered you cannot update the auto recurrence settings.
    Instead you must…
    • First go to the “Auto Recurring Installment Transactions Report” in the Argenta Report Center and delete the recurrence.
    • Then delete the transaction where you set the auto-recurrence.
    • Then add the transaction again, setting the auto-recurrence appropriately.
  • If you chose to add the transaction to the General Ledger when you added it, you can…
    • Click the view link at the bottom of the page to open a new tab in your browser and view that GL Transaction.
    • Choose to remove the transaction to the General Ledger completely.


Delete Transactions in an Installment Account

  • Account transactions can be deleted from the Account Register if they have not been added to an auto-recurrence schedule. If a transaction has been added to auto-recurrence you must…
    • First go to the “Auto Recurring Installment Transactions Report” in the Argenta Report Center and delete the recurrence first.
    • Then come back to the account register and delete the transaction.
  • If you chose to add the transaction to the General Ledger, the corresponding GL transaction will be deleted as well.