How to Create a Payment Cycle

This article outlines step by step how to create a payment cycle for each product inside Jack Portal. You can be flexible in establishing a payment cycle according to your business spending policy. Start creating your own now!

Table of Contents

• About Payment Cycle
• How to Create Payment Cycle in Jack Portal
• How to Edit or Delete Payment Cycle in Jack Portal
• Related Articles

About Payment Cycle

Jack’s Scheduled Payment is powered with a feature called payment cycle. A payment cycle serves as a 'schedule template' for a specific product. Set a payment cycle can be done upfront, and it can be chosen by Releasers when approving the transaction (approval process remains unchanged). Admin and Business Owner have the capability to create a payment cycle for each product tailored to business needs and designate it as the default payment setting. For example, suppose you wish to set up a payment cycle for your Payroll. Based on your company policy, payroll must be paid on the 25th day of each month, with the special condition to advance the payment to the preceding Friday or delay it to the next Monday if the 25th falls on a weekend. On the other hand, your company's financial policy necessitates paying Bill Payment transactions as near to the due date as possible. Worry less, Jack's payment cycle feature makes this setup easily attainable! When it’s all set, you only need to create the transaction once, the subsequent transactions will be scheduled in accordance with your payment cycle configuration.  

You can create a payment cycle with two different configurations, based on:

• Recurrence: This option, applicable to Payroll, Bill Payments, Reimbursements, and Local Transfers, allows you to create a payment cycle with intervals such as daily, weekly, monthly, or yearly. For monthly and yearly recurrence, you also have the option to either advance the payment to the nearest Friday or postpone it to the following Monday in the event that the date coincides with a weekend.

• Invoice Due Date: Available for Bill Payments, this feature enables you to set a payment cycle based on how long before the invoice due date you want the bill to be paid. This is especially valuable for businesses aiming to efficiently manage cash flow while maintaining strong vendor relationships.

How to Create Payment Cycle in Jack Portal

Let’s start creating your first payment cycle! You can create a payment cycle in Jack Portal only. Follow these simple steps:

1. There are multiple ways to create a payment cycle in Jack Portal:

   1. Go to the Settings page by clicking on your profile at the bottom left of the screen.

   2. Click the payment cycle button inside the Scheduled Payment section in the Dashboard page.

   3. Use the payment schedule dropdown inside the "Confirm to Pay" screen.

2. If you go from Settings, in the left sidebar, click the Payment Cycle option and click on Create Payment Cycle.

3. Choose the specific Transaction Type or Product for which you want to create the payment cycle.

4. Select the recurrence intervals based on your company's payment cycle requirements. You can choose from daily, weekly, monthly, or yearly cycles, as explained in the section above.

5. If you opt for a daily cycle, specify how frequently you want the payment cycle to repeat in terms of days. Then, select your preferred disbursement time too (in WIB/GMT+7). Take a look in this example:

Sample* - Daily payment cycle (selected time is 10:00 WIB)

*Given the current date is Monday, 2 January 2023 and the current time is 06:00 WIB.

6. If you select a weekly cycle, determine how often you want it to repeat in terms of weeks. Next, pick the day of the week for the repetition and select your preferred disbursement time (in WIB/GMT+7). Take a look in this example:

Sample* - Weekly payment cycle (selected time is 10:00 WIB)

*Given the current date is Monday, 2 January 2023 and the current time is 06:00 WIB.

7. For a monthly cycle, define the frequency in terms of months and select a start date of when you want this transaction to be paid. Select your preferred disbursement time (in WIB/GMT+7). Additionally, you have the flexibility to advance the payment to the nearest Friday or postpone it to the following Monday if the payment date falls on a weekend (Saturday/Sunday) by clicking on “Only pay on business days” and selecting whether you want to advance or postpone the payment. Take a look in this example:

Sample* - Monthly payment cycle (selected time is 10:00 WIB)

*Given the current date is Monday, 2 January 2023 and the current time is 06:00 WIB.

8. If you choose a yearly cycle, similar to the monthly cycle, specify the frequency in terms of years and select a start date. Select your preferred disbursement time (in WIB/GMT+7). Just like the monthly option, you can also make special adjustments for payments on weekends (Saturday/Sunday) by clicking on “Only pay on business days” and selecting whether you want to advance or postpone the payment. Take a look in this example:

Sample* - Yearly payment cycle (selected time is 10:00 WIB)

*Given the current date is Monday, 2 January 2023 and the current time is 06:00 WIB.

9. Special case for Bill Payments, beside recurrence option, you can also set a payment cycle based on how long before the invoice due date you want the bill to be paid. Take a look in this example:

Sample* - Yearly payment cycle (selected time is 10:00 WIB)

*Given the current date is Monday, 2 January 2023 and the current time is 06:00 WIB.

10. Next, your payment cycle configuration can be set as the default payment cycle for the selected transaction or product type. You can tick the box “Set as [product type] default schedule” if you want to make it as default.

11. After you have finished configuring the payment cycle, review it once again then click the Create button.

12. The payment cycle is created in real-time and can be used by all Releasers when scheduling transactions now.

In addition to Payroll, Bill Payment, Reimbursement, and Local Transfer, you also have the option to set up automatic payments for your company's card bills. Explore this auto-payment feature here.

How to Edit or Delete Payment Cycle in Jack Portal

You can easily edit or delete payment cycle in Jack Portal by following these simple steps:

1. To edit a payment cycle, go to the Payment Cycle page and click the "pencil" icon in the selected payment cycle configuration you wish to edit.

2. Make the necessary edits to the payment cycle according to your needs, then click "Save Changes". The payment cycle is updated automatically.

3. To delete a payment cycle, navigate to the Payment Cycle page and click the "trash" icon in the selected payment cycle configuration you wish to delete.

4. You will be asked to confirm your deletion. Click "Delete" to confirm.

Related Articles

• Scheduled Payment Overview

• How to Schedule a Transaction

• How to Setup an Automatic Payment for Card Bills