Create Initial Balance
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This page allows you to upload the initial loan balances into the system based on the “Loan Initial Balance to Date” mentioned in the “Set Function Parameters” activity.
Select the “Create Initial Balance” activity under the “Loan Transaction” business component.
The “Create Initial Balance” page appears.
Enter the following fields:
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Loan Purpose |
The purpose for which the loan is taken i.e. whether short term or long term. |
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Loan Category |
The category or means through which the loan is taken i.e. Buyers credit or Commercial papers or Non – Convertible debentures or Corporate loan or Short term loan. This combo gets loaded based on the Loan Purpose selected. |
Click the “Get Details” push button to retrieve the uploaded details.
Enter the following fields in the “Loan Information” multiline box:
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Loan No. |
The loan number created in the “Maintain Loan Details” activity to be entered here for which the payments have to be processed. Help facility available |
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Amount Sanctioned |
The amount of loan sanctioned. |
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Receipt Amount |
The amount of the loan received (Decimal). Mandatory. The amount must be greater than zero. |
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Principal Re-Paid |
The amount of principal amount repaid till initial balance upload date. |
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Principal Outstanding |
The Principal amount outstanding for the specified loan number will be displayed here. |
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Interest Paid |
The total amount of interest paid till initial balance upload date. |
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Interest Accrued |
The amount of interest accrued till initial balance upload date. |
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Charges Paid |
The amount of charges paid for the purpose of acquiring the loan can be captured here. |
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Loan Start Date |
The date on which the loan period starts. |
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Loan Maturity Date |
The date on which the loan amount becomes payable. |
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Tenure |
The tenure of the loan will be captured here. |
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Lender ID |
The code identifying the party (lender) created for the party type “Lender” under the Financial Services Setup business component. |
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Lender Description |
The description of the Lender. |
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Currency |
The loan currency can be captured here. |
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Exchange Rate |
The exchange rate of the loan currency booked at the time of creating the loan details will be displayed here. The exchange rates for the currency specified must have been defined in the exchange rate master. |
Click the “Compute” push button and the system updates the following fields in the “Total” group box:
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Receipt Amount |
The total of receipt amount from all the installments would get updated here. |
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Principal Repaid |
The total of principal repaid amount from all the installments would get updated here. |
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Principal Outstanding |
The total principal amount outstanding from all the installments would get updated here. |
Click the “Create Initial Balance” push button to freeze the initial balance uploaded.
The login ID of the user gets updated under “Created By” field and the created date gets updated under the field “Created Date” if the details are entered for the first time.
The login ID of the user gets updated under “Last Modified By” field and the modified date gets updated under the field “Last Modified Date” if the details are getting saved from the second time onwards.
4 Loan No must be created in the “Maintain Loan Details” activity of the “Loan Transaction” business component