If you are adding a new Loan Type and you will be using the Payments module to process payments, you will need to set up the Payment Settings within Administration.

1. Go to Administration > Reference > Loan > Loan Types > Click on the Hyperlink of the Loan Type.

2. Fill out the 3 fields related to Payments+ in the General Tab.

          -Rate Type

          -Year Basis

          -Index Type

3. Fill out the Payment Settings Tab. The first section regarding Allocation of funds is required, all other fields are optional but helpful to have as default settings when boarding payment accounts.

4. Click SAVE.

****If you do not set up the Payment Settings for a Loan Type, and you try to post a payment for that loan type within a boarded payment account in Payments > Transactions, you will receive the following error message and you will not be able to post: