Portfolio Interest Receipt Reversal
Overview of IL710
If interest is attributed mistakenly to a portfolio record, it may become necessary to reverse the interest receipt. This process subtracts the interest from the incorrect portfolio so that it’s available to assign elsewhere. Interest receipt reversals correct an organization’s cash account and correct either interest income or interest receivable.
- From the DDI Connect main menu, double-click Financial Services
- Double-click Portfolio
- Double-click Transactions
- Double-click Portfolio Interest Receipt Reversal. You will see this screen:
In the Portfolio field, type the portfolio number that received the incorrect interest. Press enter or click Find on the toolbar. You can also click the list icon to select from a list of portfolios in the system or click the search icon to locate the portfolio using Name/Address Inquiry. Once you have located the portfolio, the screen will look like this:
The following fields are available on this screen:
| Field | Description |
|---|---|
| Interest reversed | Enter the amount of interest to be reversed |
| Interest receivable balance | Display only field that shows the interest receivable balance on this portfolio |
| Disbursement type | Click the drop down arrow to select the disbursement type to use for the reversal |
When you have entered the information, click Save to retain your changes. You will see this message:
Click OK. You will be returned to the Portfolio Interest Receipt Reversal screen.
