In a confirmation email, the following infinite gift information will display as:
Total Contribution Amount : 2 X the payment amount
Payment Amount : The amount charged today (the 1st payment)
Outstanding Amount : The second payment only
Total Received Today : The amount charged today (the 1st payment)

The Total Contribution Amount and Outstanding Amount will only include the first two payments.  The Blackbaud Sphere system doesn't calculate further than the first and second payments when infinite gifts are created. In Bookkeeping > Pending Scheduled Payments, only two payments are displayed, one that has been charged and one for the next gift date. Only one payment will remain 'scheduled' at any given time.  After each payment is processed, the next scheduled payment will display, and so on.

If you wish to change this going forward and be able to view all upcoming payments in the recurring gift schedule, disable the Infinite Schedule option within the initiative. This will prompt a drop-down box to appear on the donation form to allow donors to choose the number of installments. Note that the maximum # of payments available can be configured for up to 60 installments.