Loans Procedure
Follow the steps outlined below in the Loans Procedure to process loans for customers. The Loans Process is a two-part process. The first part consists of the steps to create new loans for customers. The second part consists of the steps to generate invoice transactions for the individual payments that are due for the customers' loans.
Notes:
You can view customers' open loan information during the Customer Loans Panel and the customer loans balance during Customer Balances Panel of the Customer Inquiry.
To quickly obtain loan payoff amounts during the Customer Loans Panel, simply click the Loan ID to launch the Loan Payoff Calculator Panel.
Loans are assigned to customer accounts and to a specific service. A customer can only have one loan per service.
There are multiple types of interest calculations for loans. For more information, see Loan Type Maintenance.
1. Create the transaction codes for generating loans and loan interest.
2. Create the Loan Types and assign the appropriate transaction codes to the loan types.
1. Use the Existing Loans Create Loan Wizard to enter the details of a new loan for a customer.
2. Print and maintain the New Loans Transaction Journal for a complete audit trail.
3. Activate the newly created Loans for the customers by running the New Loans Post Transactions.
1. Run the Create Loan Transactions to generate the invoice transactions for the customers who have loan payments due.
2. Print and maintain the Existing Loans Transaction Journal for an audit trail.
3. To complete the process and update the customers' history, run the Existing Loans Post Transactions.