The Post Invoices utility allows you to create invoices for loans. Loan invoices need to be created regularly either to invoice an expected payment coming due or to accrue the remainder of interest due for a period ending. This procedure is usually run at the first of each month to invoice the periods expected payment or at the end of the month if you are accruing the remainder of interest due for daily interest loans. However, you can post invoices at any time. This will only add invoices to accounts for loans since the last time the Post Invoices utility was run. You can also view and print invoices and download a merge file of loan information.
This Help page contains the following sections:
Select the Invoice Date for your invoices. Select the Loan Type for which you want to post invoices from the Loan Types drop-down list. You can also choose to Include All Loan Types.
Loans with a first payment date in the future (newer than the selected Invoice Date) are not included in the posting. Traditional (Actual Days) or Simple Daily Interest loans will invoice interest through the invoice date for the actual number of days. In contrast, Traditional (360) loans do not consider the actual number of days since the last posting.
Click the View/Print Invoices button to be prompted to print your invoices based on your Preferences (More Information).
Click the Download Merge File button to download a "LoanProcessingBillingMergeFile.xlsx" file containing your merge fields and data.
Click the Run Report button to display a preview of your Billing Report for Loans Outstanding. This displays the following for each loan being invoiced: Customer, Loan #, Loan Date (first payment date), Original Amount, Billed Principal, Billed Interest, Invoice Amount, Last Payment, and # Checks. Totals are also displayed.
Once the preview displays you can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print. You can also click Report Preferences on the blue bar above the report preview to return to the filters. Edit the Posting Date if desired and then click the Finalize Post button which finalizes your invoices and posts them to General Ledger.
Note: The Post Directly to General Ledger without Editing option allows you to have your journal entry posted all the way through to the General Ledger History so that it can be viewed on reports and on the View Posted Journals page within General Ledger. This allows you to skip having to edit and post the journal entry in the Manage Unposted Journals page in General Ledger.
When you are on a cash basis, there is no Posting Date field as nothing is sent to the General Ledger. Instead, click the Finalize Post button to finalize your invoices or the Cancel link to return to the main Loan Processing page.
If you do not wish to post invoices click the Cancel link to return to the main Loan Processing page.
Compiled on 6/22/2018 8:21:40 AM