Process Loan Repayments

This activity allows you to record the loan payment details related to each and every loan installment and there by generating the sundry payment vouchers for each and every installment.

Select the “Process Loan Repayments” activity under the “Loan Transaction” business component.

The “Process Loan Repayments” page appears.

Enter the following fields:

Payment No.

A unique number identifying the payment details recorded.

It can be auto generated based on the numbering type or can also be manual.

Help facility available.

Numbering Type	Use the drop-down list box to select the numbering type for the login organization unit and the “Loan Payment Processing” transaction type. The numbering types must have already been defined in the “Create Numbering Class” activity of the “Document Numbering Class” business component and must be in “Active” status. The system displays the numbering type set as default for the transaction in the “Document Numbering Class” business component.
Status	The status of the document gets displayed here.
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.
Loan Description	A textual description of the loan number selected.
Finance Book	The system displays the finance book to which the loan number is mapped for the loan transactions to get posted.
Payment Numbering Type	Use the drop-down list box to select the numbering type for the login organization unit and the “Sundry Payment” transaction type. The numbering types must have already been defined in the “Create Numbering Class” activity of the “Document Numbering Class” business component and must be in “Active” status. The system displays the numbering type set as default for the transaction in the “Document Numbering Class” business component.
Bank Code	Note: If the “Electronic Payment” field has been set to “Yes”, all the PTT codes will be available for selection in this field. The currency of the bank / cash code must be the same as the pay currency.
Payment Mode	Use the drop-down list box to select the mode in which the payment is to be made to the payee. The system displays the values as defined in the "Bank Definition" business component.
Payment Due Date	The due date of payment for the loan installments to be entered here.
Project Code	The project code assigned to the loan number will be displayed here.
Payment Basis	Select the basis of payment Direct – The payment is made directly without creating any provision Liability – The payment is made after creating the provision.
Liability No. From	If the payment basis is selected as “Liability” then the liability number from which the system should fetch the results can be entered here.
Liability No. To	If the payment basis is selected as “Liability” then the liability number till which the system should fetch the results can be entered here.

Click on “Get Details” push button to fetch the loan/ liability details as per the search criteria specified.
Enter the following in the “Payment Information” group box:

Loan Account	The Principal account code assigned to the loan number will be displayed here.
Principal Outstanding	The Principal amount outstanding for the specified loan number will be displayed here.
Currency	The Loan currency will be displayed here.
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.
Remarks	Any remarks relating to Loan repayments can be captured here.
Current Exchange Rate	The current exchange rate available for the loan currency in the exchange rate master will be displayed here. It can also be edited within the tolerance limits available for the currency in the exchange rate master as on the current date.

Enter the following fields in the “Interest / Charges / Installment” multiline box:

Entity Type	The type of entity forming part of the loan payment like “Interest, Bank Charges, Processing fee, Penalty fee, RTGS charges” etc. for which the provisioning entry needs to be passed.
EMI No	The monthly installment number related to loan payment. Help facility available.
Liability No.	A unique number identifying the liability details recorded. It can be auto generated based on the numbering type or can also be manual. Help facility available.
From Date	The start date of the EMI No.
To Date	The end date of the EMI No.
Account Code	The expense account code mentioned in the “Maintain Loan Parameters” activity.
Liability Amount	The amount of liability amount pending to be paid.
Pay Amount	The amount to be paid out of the total liability amount pending. Mandatory.
Pay Date	The date of payment to be mentioned here. Mandatory.
Cost Center	The cost center to which the expense/asset/liability account has been mapped can be captured here.
Analysis Code	The analysis code to which the expense/asset/liability account has been mapped can be captured here.
Sub Analysis Code	The sub-analysis code assigned to the analysis code entered can be captured here.
SNP No	The sundry payment voucher number that is getting generated will be displayed here on click of “Authorize” push button.

Click the “Save” push button to save the entered details.

The status of the document gets updated as “Draft/Fresh”

The login ID of the user gets updated under “Created By” field and the created date gets updated under the field “Created Date”.

Click the “Authorize” push button to authorize the entered details.

The status of the document gets updated as “Authorized”

The status of the liability document gets updated as “Paid” once the payment is made.

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”.

Click the “Delete” push button to delete the entered details in Draft/Fresh status.

The status of the document gets updated as “Deleted”

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”.

To proceed, carry out the following

Select the “Accounting Information” link at the bottom of the page to view the accounting entries related to sundry payment voucher.
Select the “Attach Notes” link at the bottom of the page to record any notes related to the document.
Select the “Print Check” link at the bottom of the page to release the payment when the pay mode selected is “Check” or “Demand Draft” or “Pay Order”.
Select the “Pay Cash” link at the bottom of the page to release payment when the pay mode selected is “Cash”
Select the “Collaborate” link at the bottom of the page to record or to view the observations or comments or discussions regarding the document.

Prerequisites

4 Loan No must be created in the “Maintain Loan Details” activity of the “Loan Transaction” business component

4 Account codes, cost centers, analysis codes and sub-analysis codes must be defined.

4 Bank codes must be defined in the “Create Bank Details” activity of the “Bank Cash Definition” business component

4 Account Rule Definition must be done for the bank codes created.

4 Numbering Type must be defined in the “Create Numbering Type” activty of the “Numbering Class” business component