Stored Proc Help Needed

Hi,

I have a table (tblContracts) which has 2 columns (Months, Value) where Months is the length of the contract and Value is the total value of the contract - typical values may be 12 months & £24000.
I want to insert the monthly payment schedule to another table (tblSchedule) where each row would represent 1 month's payment, so in my example there would be 12 rows written, each with a value of £2000. Also, there is a third column which needs to identify whether the payment is the first in a series ('N'ew) or part of an existing collection ('R'epeat).

So, what I need is a way of doing this (sp???) whereby data is read from tblContracts and written to tblSchedule. I guess that a Stored Procedure containing a loop and conditional statements is needed.

Can anyone offer any advice ????

Thanks
Gary

Oh, ok here goes:
I was trying to get around re-inserting values into the schedule table that were already there using a coursor but first off I do not like cursors and for some reason it always resulted into an endless loop, anyways, here is a solution that should work even though it might not be the most elegant.

ALTER  PROCEDURE updatecontracts
AS
DECLARE @contractid int
Declare @valcounter int
DECLARE @series char(1)
DECLARE @noofmonth int
DECLARE @value money
Set @contractid = (Select TOP 1 c.[id] from tblcontracts c LEFT JOIN tblschedule s ON s.fk=c.[id])  
Set @noofmonth = (Select [Month] from tblContracts where [id] = @contractid)
Set @valcounter = 1
Set @series = 'N' 
WHILE (select count(*) from tblschedule s) < (Select SUM([MONTH]) from tblcontracts)
 BEGIN
 --This is the loop for inserting schedule
 WHILE @valcounter < @noofmonth + 1 
  BEGIN
   Set @value = (Select [Value] from tblContracts where [id] = @contractid)  
   INSERT INTO tblSchedule (fk,paymentmonth, value, paymentseries)
      VALUES
       (@contractid, @valcounter, @value / @noofmonth, @series)
    --Re-initializing variables after loop run
   Set @valcounter = @valcounter + 1
    Set @series = 'R' 
   END
 Set @contractid = (Select TOP 1 c.[id] from tblcontracts c LEFT OUTER JOIN tblschedule s ON s.fk=c.[id] WHERE s.fk IS NULL)  
  Set @noofmonth = (Select [Month] from tblContracts where [id] = @contractid)
  Set @valcounter = 1
 Set @series = 'N'
 --End inserting schedule loop
 END

Added: Change the script to Create Procedure instead of  Alter Procedure if you deleted it already.

Michael,

You are a  - that worked a treat and I am eternally grateful to you for your assistance .

Just a little background - My colleague is working on this project and coded the SQL to be executed directly from an asp page. Boy was it ugly !!!