A new knowledge base article has been published on our support portal.
In this scenario we have a fictitious Insurance company that rents out vehicles. The rental agreement between the Insurance company & the customer is represented by a Contract. And the Contract is made up of many (1:N) Rental Payments which are paid on a monthly basis.
The business need here is to calculate the settlement amount when a contract is terminated early via an Early Termination Quote. The screenshot below shows where we have added two new sub-grids to the out of the box contract entity which represent,
- The Rental Payments associated to this contract
- Any Early Termination Quotes associated to this contract
On the contract record an Early Termination Quote record can be added via the sub-grid. The user will enter in a ‘Last Rental Payment Date’ on this record & click save. During the save process the settlement amount must be calculated based on certain rules,
IF 4 or more Rental Payments are due after the Last Rental Payment Date THEN Find Max of either, (-) 40% of Sum of Rental Payment Amounts after the Last Rental Payment Date + Early Termination Admin Fee (-) 4 times the Rental Payment Amount + Early Termination Fee ELSE Sum of Rental Payment Amounts after the Last Rental Payment Date + Early Termination Admin Fee * We assume all rental payment for a contract are the same value per month