You have to specify the following attributes or preferences through the Product Preferences screen:

• Mode of liquidation - auto or manual. This can be changed at the time of contract processing. Your specification will be made applicable to all components of the contract. Liquidation of back valued schedules upon initiation of a contract. This can be changed at the time of contract processing
• Re-computation of interest on the future schedules of a contract when a repayment of principal is made before it is due
• The schedule type - amortized, capitalized or normal.

Once these attributes of the schedules are defined in the Product Preferences screen, the frequency of repayments has to be defined through the Product Schedules screen.