This article will show you how to post a payment to a borrower's account, and how to reverse or delete out the payment. There are two items you will want to confirm before you begin:

• Do you have the appropriate permission settings? You need to be able to access the Payments > Transactions menu within a loan, and be able to post a transaction. If you are unable, please reach out to your Site Administrator to update your permission settings (See Payments Permission Settings)
• Is the payment account boarded (See How to Board a Payment Account in Payments)?

 

How to Post a Payment

1) Within a loan, go to the Payments menu and click on the Transactions submenu

2) Click the +Add button

3) Select the Payment or Principal Only transaction type and fill in the payment data. Only three fields are required, however, it is important to confirm pre-populated information.

4) Click Save

 

5) You will now see the payment posted to the borrower's account

 

 

How to Reverse a payment

1) Click on the hyperlink of the Payment you want to reverse

2) Scroll to the bottom of the Transaction box and click on the Reverse button

 

***IMPORTANT*** If there is transaction posted after the date of the payment you would like to reverse, you will need to Void  or Delete out the most recently added transaction(s) before you can reverse out your payment. If you do not remove transactions posted after the payment, then when you click on the Payment hyperlink you will not have an option to Delete or Void.

3) Select Reversal Reason and Received Date

• NSF Reason - this will assess an NSF fee if fee amount is recorded in Payments > Loan Details menu of the loan. If you do not want to assess a fee for this reason, you can zero out the fee amount
• Other Reason - this will not assess any fees, only make a reversal transaction

5) Click Reverse

6) You will now see the reversal recorded on the borrower's account in red

 

When would you use the Delete button?

You can use the Delete button if you posted the transaction and it was in error (i.e. incorrect payment amount, incorrect next due date recorded, wrong borrower account, etc). If you use the Delete button the transaction will be permanently deleted out and will not be reportable.