The payment schedules defined for a product applies to all loans involving the product. When you process a loan in the Contract Schedules screen, the details defined for the product (which the loan involves) is displayed. You can change the schedules that a loan acquires when processing it in the Contract Schedules screen.

You can redo the schedules defined for the product, by clicking Schedules from the Product Preferences screen. The schedules that have not been liquidated and which fall due on the current system date, or later than the current system date, is erased and you can go on to define the new repayment schedules.

The attributes of the schedules inherited from the product can be changed for a loan through the Contract Preferences screen. However, the schedule payment type - whether amortized, capitalized, or normal — is as specified for the product. You cannot change it.