Line of Credit Refund Payment
Overview of IL808
Once your organization has logged a payment against a line of credit, the line may retain a refund balance. This is an excess amount to be repaid to the borrower. A line of credit usually carries a refund balance when a cash receipt used for a payment is larger than the amount required in order to pay off the credit balance and/or interest due.
Line of Credit Refund Payment should be used when issuing a refund for a line of credit with an existing refund balance. It provides a temporary holding place for potential refunds and gives your organization an ability to restrict who is allowed to initiate outgoing payments. You also have the option to create a refund payment immediately while recording the line of credit payment in Line of Credit Payment
- From the DDI Connect main menu, double-click Financial Services
- Double-click Line of Credit
- Double-click Transactions
- Double-click Line of Credit Refund Payment. You will see this screen:
In the Line # field, type the Line of Credit number and then click Find, or click the list icon to select from a list of lines of credit in the system. The information will now populate:
