Line of Credit Payment Reversal
Overview of IL806
Payment reversal is necessary for two reasons: (1) the payment has been logged against the wrong line of credit, or (2) insufficient funds are available to cover the payment. When a payment is recorded against the wrong line, the funds must be backed out and made available to direct elsewhere. For NSF payments, the amount is simply reversed.
- From the DDI Connect main menu, double-click Financial Services
- Double-click Line of Credit
- Double-click Transactions
- Double-click Line of Credit Payment Reversal. You will see this screen:
In the Line # field, type the line number and click Find, or click the list icon to select from a list of lines of credit in the system. The screen will populate with the information:
In the Payment Transactions Available for Reversal, you will see a list of payments made against the line of credit. To reverse one, click it to highlight.
In the Reversal Method field, click the drop down arrow to select the method you wish to use to process the reversed funds. Selecting Create Batch will create a mailroom batch that will allow you to re-process the funds. Selecting non-sufficient funds will reverse the payment but not provide a method for reprocessing.
Click Save. If you elected to Create a batch, you will now see this message:
If you click Yes, you will see a pop up box like this:
Select the cash suspense account you wish to use for the reprocessing, and click Select. You will then see this message:
Click OK to return to the Line of Credit Payment Reversal screen.
If you selected Non-sufficient funds, you will see this message:
Click OK to return to the Line of Credit Payment Reversal screen.
