Loan Payments via Cash Processing
Overview
Once a cash receipt is accessible through Payment Processing, it is available to use in the application of a loan payment. Enabling access to the payment through Payment Processing requires that your organization first set it up as part of a payment batch in Cash Processing Stage 1. For a detailed description of this process, refer to this page: Cash Processing Stage 1.
The Loan Payments window allows you to specify the amount of the payment as well as certain critical aspects of how it is to be applied. You can then project this over the balances due for the current period in principal, interest, and reserve categories. The system suggests the portions of the payment to allocate in each category and permits you to adjust these amounts if necessary.
- From the DDI Connect main menu, double-click Financial Services
- Double-click Data Processing
- Double-click Receipt Processing (Stage 2). You will see this screen:
Please note that what you see on this screen will be a list of batches entered by users in your organization
- Change the default selections in the Batch Type and Show lists, if necessary, to filter the batches as desired
- When you see the batch that you are wanting to use, click once to highlight it. The items in the batch now become visible:
- To apply a payment, double-click on it. This will display the transactions tab:
- Double-click the Loan Transactions folder. This will display a sub-menu:
- Double-click the Loan Payment menu item. The Loan Payment screen will launch:
- In the Loan # field, enter the loan number. If you are not sure what the loan # is, you can search for it by either clicking the list icon to display a list of loans or by clicking the binoculars to do a search
- When you select the loan, the system will populate the the fields with information:
- Review all of the fields to ensure that the data is correct. For example, you will want to be sure that:
- Interest Amount is correct
- Principal Amount is correct
- Next due date is correct
Note: If the borrower has sent in additional funds, you can tell the system how to handle the extra amount. The system defaults to "Leave Unprocessed", but you have the option of:
- Leave unprocessed
- Apply towards principal
- Apply towards refund
Once you have reviewed all of the fields and verified that everything is correct, click Save. If the payment has been applied properly, the system will display the message "Transaction Successful". Click OK. You will be returned to the payment processing screen, where you can proceed to apply other payments or exit if you have completed the batch.
