What function does the Payment Plan wizard serve?

The Payment Plan wizard is designed to facilitate both the creation of new payment plans and the modification of existing payments. This dual functionality allows users to efficiently manage payments according to various financial agreements or customer needs.

When creating a new payment plan, the wizard helps in establishing the necessary terms and conditions, such as installment amounts, due dates, and interest rates. In addition, when modifications are needed—whether to adjust payment amounts, change due dates, or apply overrides for specific circumstances—the wizard makes it straightforward to implement these changes.

This versatility is essential for financial professionals as it ensures that they can adapt to changing situations and maintain accurate billing practices. The ability to both create and modify plans reinforces the system's flexibility, making it a vital tool within the payment processing framework. Other options focus on just one aspect of the functionality, neglecting the comprehensive capabilities of the wizard.