Income

Add example #5: paid every other year, payment is always the same

Here's what you know about the bill.

  • You renew your automobile license plates by writing and mailing a paper check to DMV (Department of Motor Vehicles).
  • Plates are renewed every other year.
  • The renewal notice is mailed by the DMV every other year in September with payment due by the end of October.
  • The plate renewal fee is $105.00.
  • The amount of renewal fees normally do not vary.
  • The last time you renewed your plates was in October 2023.
  • How long the renewal payments will last is not known.
  • Since payments are made by mail, weekends and holidays are not a concern.

To add this bill, begin by opening the New Bill window as described in How to start an Add.

Adding the bill

In the New Bill window:

1 Name - Enter a descriptive Name for the bill.
2 Outgo category - Select the Outgo category that applies.
3 How paid - Select Check.
Payments are due - Select every one or more years.
Payment amounts - The default are always the same applies.

The four columns in the New Bill window are now configured correctly for the new bill.

Add a payment lead time of - Being due the last day of October, this bill is scheduled in your cash plan to be paid on October 15th. Writing and mailing a check on the 15th when you pay bills creates a two week lead time which is sufficient.
7 & 8 Yearly payments are due - Select October and on the last day.
Normal payment - Enter 105.
10 A payment is or was due on - Select the date the last payment was due.
11 Payments will last - The default for the foreseeable future applies.
12 Payments due on a weekend or checked holiday are moved to - Select that day.
13 Include in Cash Plan - This option is checked by default which is correct for this bill.
14 Save & Add Another / Save & Exit - Click on either save button to save the new bill.

The bill is added to your cash plan

The bill is added to your cash plan

Open the preview for the bill

To verify that the bill has been added correctly, right-click on the bill in your cash plan to open the drop-down menu and click on Preview.

Twelve month bill payment preview

The Bill 12 Month Preview dialog box displays the calculated payment Date, Day and Amount for the next twelve months. If needed, click on the Calendar button to display the reference calendar to check the calculated dates.

If any of the calculated values in the Date or Amount columns are incorrect, right-click on the bill in your cash plan to open the drop-down menu and click on Edit to make corrections.