Changing a Loan Type
Overview of IL441
Changing the type of an established loan enables you to affect various aspects of its use, including the default interest rate and amortization rate, and the security functions tied to the loan type. Switching the loan type also alters the general-ledger accounts used in transactions involving this loan, if your organization has multiple general ledger accounts for loans. To change a loan's type:
- From the DDI Connect main menu, double-click Financial Services
- Double-click Loans
- Double-click Transactions
- Double-click 441 Loan Change Type. You will see this screen:
In the Loan # field, type the loan number that you wish to change. You can also click the list icon to display a list of all loans in the system, or click the binoculars to search for the loan. Once you have located the loan, press enter or click Find. The screen will now populate with the loan's information:
The following fields are displayed on this screen:
| Field | Description |
|---|---|
| Loan # | The loan whose information you are currently viewing |
| Account | Account number and name/address information of the borrower |
| Remitter | If applicable, account number and name/address information of the loan's remitter |
| Current loan type | Code and description of the current loan type |
| Current GL account | Number and description of the current GL account |
| Current interest rate | The loan's current interest type |
| New loan type | This is the only field you are allowed to edit on this screen. Type the code of the new loan type, or click the list icon to display and select from a list of all active loan types in the system |
| New GL account | Once you have selected the new loan type, this field will populate with the new GL account to be associated with the loan |
In the New loan type field, type the code or select the new loan type. If the information is correct, click Save. The system will display the message:
Click OK. You will be returned to the initial Loan Change Type screen. You can now modify another loan, or click Exit to leave this screen.
