Payment Processing - Update allows you to enter Loan Processing Payments.
This Help page contains the following sections:
Select the Name in the Person Search window. By default the search text for the Name field searches for last names and organizations. To search for first and last names enter your search in the "lastname, firstname" format. You can also search by City and State. Select the customer for which you are creating the transaction and click the Select button. Alternately, click the Close link to return to the previous page without selecting a Bill To.
Note: Search for just a first name by starting your search with a comma (e.g., ", James"). Display a complete list of names by searching for just a comma.
Select the Account # (the loan to which you wish to apply the payment) from the drop-down list. Select the Payment Date and type the Check # and Payment Amount. The Original Principal, Outstanding Balance, First Date (first payment date), and Payment of the selected loan display on the right.
The Payment Amount is distributed automatically first to interest (up to the outstanding amount), then to principal (up to the outstanding amount), and the remainder goes toward additional paid principal.
The second and third column display the following information for the selected loan:
•Interest Thru: The date through which interest has been invoiced.
•Unposted Interest: Interest calculated through the current date but not posted (applies to simple daily interest type loans only).
•Outstanding Interest: Total interest due at the time of payment.
•Outstanding Principal: For simple daily interest loans the balance to pay off the principal displays. For traditional loans the current principal balance due displays.
•Last Payment Date: The date of the last payment.
•Last Check #: The check # of the last payment.
•Last Amount: The amount of the last payment.
•Last Draw: The last amount drawn on the loan.
•Last Adjustment: The last adjustment made to the loan.
The Interest, Principal, and Additional Principal fields auto-populate based on the Payment Amount. You can lower the amount paid towards Interest which automatically increases the Additional Principal field. If you lower the amount paid towards Principal it also increases the Additional Principal field. Loan Processing does not allow overpayment in the Interest or Principal fields.
Type the Late Fee if desired. If you want to enter a draw against the loan type a negative amount in the Payment Amount field and a positive amount in the Draw field. This will increase the principal owed against the loan.
The Late Fee field only displays if you have specified a Late Fee Account in Preferences.
The Adjustment Amount field allows you to write-off principal or forgive past due interest. The amount typed in the field increases the amount available for distribution in paying down the interest or principal due.
The Attachments tab allows you to attach files accessible from your device or to scan image files using the Scanner.Client.exe program. See the Attachments Help Page for detailed information regarding the attachments feature.
Enter a note in the field provided if you wish.
When finished click the Apply button to save the payment and start entering a new payment, the Update button to save changes to the payment and return to the Payment Processing page, the Reset link to undo all changes since the last time the payment was updated, or the Cancel link to return to the Payment Processing page without saving your changes.
Compiled on 1/24/2018 8:42:27 AM