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Home > Training > Payments > Payments Loan Menu > Payments Using a Charge Off Loan transaction type
Payments Using a Charge Off Loan transaction type
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*** 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 ***

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