468
Using Apply Payments
This action is intended for posting payments in bulk for loans on ACH. You can only post a Regular Payment amount or the Total Amount Due amount. This is designated in the Payments > Billing > ACH Billing Method field for each loan. If nothing is selected, the system will default to posting the Total Amount Due. If you make a selection, click save
Apply Payments Procedure
-
Within Payments > Actions > Apply Payments, you can use the filter to specify which group of loans you want to include in your bulk post (ie filter by Loan type, ACH Batch type, etc).
-
After you filter to the intended group of loans (A), select all loans you want to apply payments to (B) and then click the green Apply Payments button (C).
-
You will then be prompted to enter the Received On Date for the payments being posted. You can only post a batch of payments with one Effective Date at a time. Once you click apply, you will be asked to confirm the total amount of payments to apply, once you confirm, the payments will be posted to their respective accounts in either the Regular Payment or Total Amount Due amounts. You will be prompted with an error message if a payment was not applied and the respective loan log number.
FAQ and Issues:
Q: Why did my payment(s) not apply?
A: The system will not allow a payment to post in the Apply Payments section for the following reasons:
-
There is a transaction posted after the effective date of the payment trying to be posted. You will need to go into the Payments > Transactions area of that loan to identify what transaction has been posted after the effective date and rectify issue.
-
If the ACH Billing Method selected is Total Amount Due and the Total Amount due is $0.00. Check to see if a statement has been generated for that loan. If not, once generated, you will be able to post the Total Amount Due in the Apply Payments area.
-
If ACH Billing Method selected is -Not Set- and the Total Amount Due is $0.00. Remember, if -Not Set- is selected it will default to post the Total Amount Due. Check to see if a statement has been generated for this loan. If not, once generated, you will be able to post the Total Amount Due in the Apply Payments area.
Q: How do I create ACH Batches?
A: Someone who has Administration credentials will go to Administration > Reference > Payments > ACH Batches and click add. Name your ACH Batches.
Q: How do I assign ACH Batches to loans?
A: Go to Payments > Billing > ACH Batch field to assign batches within each loan after they have been created in the Administration area.
