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” and then select “Chart of Accounts”.
 
 
 
 
 
 
Click the “Add New” button.
 
 
 
 
This will open the Add A New Account screen.  Choose "Yes" to Is this an installment account.  This is a required field.
 
 
 
 
 
 
  • Select an “Account Type” that fits with the type of account.  This is a required field.
  • Select or add a new "Account Detail Type."  This is a required field.
  • Provide the “Chart of Accounts Number”.  This is a required field.
  • Provide an “Account Name”.  This is a required field.
  • You may enter an institutions account number if available.  This is not a required field.
  • Select the date the account was opened or the term began. This is not a required field.
  • Provide Contact Information if applicable.  This is not a required field.
  • You may provide an account description if needed.  This is not a required field.
 
 
 
 
 
 
Click the “Add This 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.


From the “Chart of Accounts”, click on the register icon  to open the register. This will take you directly to that account’s transaction register.

 
 


  • You will see your starting 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 A New Deposit or Add A New Transaction” button.
  • Choose whether the transaction has been reconcilled or not.
  • Your current account will display in the “Installment Account” drop-down list.
  • Choose the constituent lender.
  • Choose the transaction type, 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 the transaction date.
  • Enter a transaction amount.
  • Choose your fund type from the drop-down list.
  • Choose which account the funds belong to.
  • 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.
  • Once all fields are complete click "Add This Transaction" to save your transaction and return to the register for your account.

 

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.

  • From the “Chart of Accounts”, click on the register icon  to open that account’s transaction register.
  • You will see the transactions for the account you selected in the list. To open the transaction record, click the corresponding open icon .
  • Make any necessary changes to the transaction on the Transaction Detail screen.
 


Delete Transactions in an Installment Account

  • Account transactions can be deleted from the Account Register.  To delete click on the corresponding delete button  at the end of the transaction.