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Home > Training > Payments > Payments Loan Menu > How to Board a Payment Account in Payments
How to Board a Payment Account in Payments
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1) Once a loan is in Funded status, go to Payments > Loan Details (menu located on the left side). This is where you will begin to board your payment account.

2) Fill out all applicable fields.  Required fields are marked with a Red asterisk *.

3) Most of the fields are prepopulated from other data points within the loan record. If a prepopulated field is incorrect, it is recommended the user does research and correct if applicable. 

4) Below are descriptions for BOARDING TYPE and GENERAL Section data fields:


          A. Is this a newly funded loan? If so, select New Loan radio button. If you are assuming an existing loan or converting over to Payments and entering in an existing loan, then select Existing Loan. If Existing Loan is selected, two fields will change- Interest Starts Based On (Dates Section) will change to Interest Paid to and a date will need to be entered. First Payment Due (Dates Section) will change to Next Payment Due. Additionally, two extra sections will appear at the bottom for user to fill out - Prior History and Tax Reporting FieldsExample Use Case: New is typically used when you are starting it off without any payment history and since you are required to board the loan with an initial disbursement you must wait to board until the time you make the first disbursement.   Whereas, existing is going to be used when you are starting somewhere during the loan's existing repayment history.  If you have a loan that is only a couple of months old and you want to build its payment history within Ventures you can board it and then process each of those month's payments. 

          B. The Identifier pre-populates with the Log Number of the Loan. The Log Number is the first number listed in the blue header reference box at the top of your loan record. You can change the Identifier if you would like to record a different number for reporting purposes. If you plan on using NACHA import/exports for payment processing, then you would want the Identifier to match the borrower's account record in your online banking system. Please reach out to Support if you have questions about this. 

          C. Amount Financed is the total amount financed by this loan. This amount comes from the Loan Amount field in the Financing > Financing Tab primary record. Note: This field is editable after boarding the payment account.

          D. Line of Credit (Revolving) - Check this box if the loan is a revolving line of credit. If this box is checked, the Revolving Term Ends field becomes editable to add a date in the Dates section (see arrow).

          E. The Guaranty % is the percent this loan is guaranteed by an external entity. This percentage is populated from the Financing > Financing Tab. Click on the Primary Record Hyperlink > SBA/Government Guarantee Tab. Note: If this field is incorrect after boarding your payment account, you will need to delete and re-board the payment account.

          F. Uncheck or check the Generate Statements box if you want this payment account to have statements generated. The system will still generate a statement within Payments > Transactions and a user will be able to manually, however, it will not be generated during bulk generation of statements when processing in Payments > Actions > Generate Statements menu.


5) Below are descriptions for DATES section data fields:


          A. Legal Date is referring to the Note or Promissory Note date.

          B. Interest Starts Based On has three options within the dropdown menu for user to determine when interest will start accruing:

                     1. Custom - If this is selected, Interest Start Date (Letter G) will become an unlocked and editable field for user to enter a date.

                     2. Funding Date - If this is selected, interest will start accruing based of the date in Funded Date (Letter F). 

                     3. Note Date - If this is selected, interest will start accruing based of the date entered in Legal Date (Letter A) -it will become a required field.

          C. First Payment Date is the date of the first payment due for borrower.  Note: If this date is entered incorrectly, and the payment account is boarded, it is recommended the user deletes the payment account and reboards it. 

          D. Terms Change On date can be used to track any sort of upcoming change or modification (ie, payment amount changes after 5 years to $XXX.XX.). Note: This field will be available to edit after boarding payment account.

          E. Acquisition Date would be entered if you acquired a loan or loan portfolio, and want to record the date.

          F. Funding Date is prepopulated with the Funded date in General Menu > General Tab.

          G. Interest Start Date is the date interest will start accruing. The date entered is determined by what was selected in Interest Starts Based On field (Letter B).

          H. Maturity Date is the date when the loan will mature.

          I. Revolving Term Ends date will be unlocked and editable IF user selected the check box for Line of Credit (Revolving) in the General section.

          J. Terms Change Comments lets the borrower write a short description of what the Terms Change is.


6) Below are descriptions for INTEREST RATE section data fields (the prepopulated information flows from the Financing > Financing Tab):

          ARate Type has two options. The fields available will change according to the selection, as you can see in the above screenshots.

                    1. Fixed

                    2. Variable

          B. If applicable, Fixed Rate would be the effective rate of the loan.

          C. Basis has four options to choose from in the dropdown for the basis type the interest will be calculated against. 

          D. Interest Rounding can either round up or down. Half Round Up is the default. 

          E. Per Diem Precision determines the number of decimal places you wish to use to calculate the daily interest amount. The default is Full.

          F. Spread is the spread of borrower rate against the Base rate.

          G. Rate Index is the index that is used to determine the Base Rate. Note: Dropdown menu can be customized by an Site Administrator. 

          H. Next Interest Adjustment and Adjustment Frequency can be used to track the next interest rate adjustment (and future ones). It is HIGHLY recommended to enter these fields if user wants to change interest rates in bulk.

          I. If a Floor and Ceiling rate is entered, the system will not allow the Effective interest rate to go below or above those limits even if the base rate + spread calculates above or below those limits.

          J. Effective Rate will be the Fixed Rate entered (Letter B) if a Fixed Rate Type, or it will be the total of Base Rate + Spread if it is a Variable Rate Type.

          K. Base Rate will be the base rate of the loan.


7) Below are descriptions for PAYMENT DETAILS section:



          A. Payment Type has three options. The fields available will change according to the selection, as you can see in the above screenshots. Note: Board the payment account as of the first payment type (ie if the first payment is Interest Only, and the remaining payments are P&I, you would board your payment account as an Interest Only Payment Type). 

                    1. Principal and Interest 

                    2. Interest Only

                    3. Fixed Principal

          B. Balloon Payment field would be entered if borrower has a balloon payment to pay at maturity. 

          C. If you selected Principal and Interest or Fixed Principal as your Payment Type, then you can enter in the scheduled Payment Amount. You can also use the CALCULATE button to calculate the amount for your you. Note: The amount calculated will be based on a 30/360 calculation.

          D. Next Reamortization and Reamortization Frequency can be used to track the next reamortization date (and future ones). It is HIGHLY recommended to enter these fields if user wants to reamortize payment amounts in bulk.

          E. User will select the Payment Frequency of the loan repayment.

          F. Final Payment is referring to the last billed payment and the two choices are Due on Maturity or Due on Regular Due Date. If you will be billing the borrower their final payment at Maturity, then you would select Due on Maturity. If you will be billing the borrower on the last due date (this would be the last due date before the Maturity date), then you would select Due on Regular Due Date. 

          G. First P&I Payment Date and First P&I Payment Amount can be entered if the Interest Only payment will switch to P&I at some point in the future and you want the system to automatically bill the new payment type and amount. 

          H. Fixed Principal is the set principal amount you want the borrower to pay every month. The system will calculate a new payment amount every month to bill borrower based off fixed principal and accrued interest. You can also use the CALCULATE button to calculate the amount for your you and provide first total payment amount. Note: The amount calculated will be based on a 30/360 calculation.


8) Below are descriptions for BORROWER FEE SETTINGS AND INITIAL DISBURSEMENT sections:        


          A. Late Fee % of Payment shows you the rate late fees will be charge against the payment amount. This information flows from the default settings for the Loan Type within Administration.

          B. Min/Max Late Fee allows the user to set the minimum and maximum late fee charge dollar amount.

          C. NSF Fee Amount shows you the NSF fee that will be charged, if applicable. This information flows from the default settings for the Loan Type within Administration.

          D. Initial Disbursement is referring to the initially disbursed amount. If you have a multidisbursement loan, you would enter the first disbursement amount at funding. If your first disbursement fully funded the loan, then intial disbursement would be the Amount Financed (This field is prepopulated with that amount). NOTE: If this is incorrect and the payment account is boarded, you will need to delete out the payment account and reboard.

          E. Days Grace Period is the number of days a borrower has before the payment is considered late. This information flows from the default settings for the Loan Type within Administration.

          OWNERSHIP - This is an add-on module. You will not see this section if you do not have the module. Look for separate KB article on how to add an owner.


9) Click Board Loan and then confirm you would like to board again.

10) It is recommended you fill out the Payments > Billing tab to complete boarding. Look for a separate KB article on how to do this.




Q: How do you know if a payment account has not been boarded?


A: Within Payments > Loan Details and Payments > Transactions, you will see the following message: Payment tracking has not been setup for this loan.




Q: What does this error mean?



A: You need to set up Payment Settings Per Loan Type before you post any payments. Please refer to the KB article titled:  New Loan Type: Setting up Payments Settings in Administration.



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