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Home > Training > Payments > Payments Loan Menu > Payments+ Adjustment Transaction Types
Payments+ Adjustment Transaction Types
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This article will explain what each Adjustment transaction type can adjust within your borrower's payment account. There are 3 transaction types that are labelled as Adjustment:

  • Total Amount Due
  • Due Date
  • Interest Paid to Date

 

What does the Adjustment: Total Amount Due transaction type change?

  • Total Amount Due is calculating what the borrower owes at any given point in time. This would include what was billed but not yet paid by the borrower, fees assessed, past due amounts, etc. An example of when you may need to adjustment this amount is if the borrower is going into a deferment period and they have been billed for the current month and the following month. You would adjust the Total Amount Due to reduce by amount of the two billed months, because you are no longer requiring those two months to be due, as the borrower will be going into deferment (in addition setting up the payment account for deferment, search KB article for deferment for steps). 

  1. Effective Date - enter the date you want this adjustment to be effective. Remember, if the date is before the date of another transaction on the borrower's account, you may need to delete/void out those transactions to post the adjustment. ***Required Field***
  2. Current Total Amount Due - this is a locked field that is showing the current Total Amount Due. You can use this as a reference.
  3. Change To - enter the new Total Amount Due that you would like recorded. ***Required Field***
  4. Reference/Comment - make any references or comments about the adjustment for your record.

What does the Adjustment: Due Date transaction type change?

  • Due Date is referring to the Next Due Date for the loan record. An example of when you would need to adjust the Next Due Date is if you posted a payment that was worth two payments and did not advance the due date forward two months. Another example would be if the borrower is going on deferment and you need to push the Next Due Date out. Within this transaction type, you can also change the Bill Date- the date each month the payment is due. An example of this would be if the borrower at loan closing payment's were due on the 1st of the month, but there was a loan modification and the legal due date was changed to the 15th of every month.

  1. Effective Date - enter the date you want this adjustment to be effective. Remember, if the date is before the date of another transaction on the borrower's account, you may need to delete/void out those transactions to post the adjustment. ***Required Field***
  2. Adjusted Due Date - enter the new Next Due Date OR if you are changing the Bill Date, enter the Next Due Date with the updated new payment due day. ***Required Field***
  3. Change Billing Date - check this box if the Bill Date is being changed with your adjustment.
  4. Reference/Comment - make any references or comments about the adjustment for your record.

What does the Adjustment: Interest Paid to Date transaction type change?

  • Interest Paid to Date transaction changes the interest accrual date. An example of when you would use this is if the borrower is going to go on deferment for 3 months and will not have interest accrue, you would push the interest that has been accrued up to the date when you want interest to begin accruing again. 

  1. Effective Date - enter the date you want this adjustment to be effective. Remember, if the date is before the date of another transaction on the borrower's account, you may need to delete/void out those transactions to post the adjustment. ***Required Field***
  2. Adjusted Interest Paid to Date - enter the date you want the new Interest Paid to Date to be. Interest will be lost/not accrued from the old interest paid to date to the new adjusted one. ***Required Field***
  3. Adjusted Partial Day Interest Balance - if applicable, enter in amount of partial day interest balance you want to adjust to. Otherwise, just leave it as $0.00.***Required Field***
  4. Reference/Comment - make any references or comments about the adjustment for your record.

 

 

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