*** Watch THIS video for information about the Charge Off Loan transaction type ***

Q: How do you add a Charge Off Loan transaction type?

A: In the Payments menu > Transactions menu:

• Click on +Add
• Select Charge Off Loan transaction type
• Enter Effective Date
• Click Save

Q: What happens when I use add a Charge Off Loan Transaction type to a payment account?

A: Once a Charge Off Loan transaction is posted, the following becomes true:

• The principal balance and accrued interest will be reduced to $0
• All assessed fees that have not been paid will be reduced to $0
• The principal balance and interest balance that was charged off will be recorded in the Payments > Loan Details menu
• The effective date of the transaction will be entered in the Charge Off and Out of Portfolio fields within the General Menu > General Tab (if value was previously null)
• User will no longer be able to add any additional transactions to payment account, as the +Add button is removed. This means the user will not be able to post any future payments received to the account.
• User will no longer be able to generate billing statements to the payment account, as the Generate Statement button is removed

Q: Where can I find the report fields related to Charge Off Loan transactions?

A: In your report, go to the Fields tab, and scroll down to the "Payment Account" category. The related fields are:

• Charged Off (report will return checkmark for yes, and blank for no)
• Charged Off Date
• Charged Off Interest
• Charged Off Principal 

Q: Is there a system report related to the Charge Off Loan transaction type?

A: Yes, it is called Charged Off Payment Accounts. It returns all payment accounts that are Charged Off by the use of the Charge Off Loan transaction type.

*** Please Note: Payment account will be removed from the SBA 1502 report in the month of charge off (if not previously removed). User will manually need to make corrections if necessary ***

*** Please Note: User will still need to manually add charge off date and amount if using Metro2 Credit Reporting ***