Record Liability Details
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This activity allows you to record the liability details for the purpose of provisioning/ writing off the prepaid expenses through a journal voucher. You can also generate a journal voucher for the purpose of provisioning of loan payments or writing off of prepaid expenses.
Select the “Record Liability Details” activity under the “Loan Transaction” business component.
The “Record Liability Details” page appears.
Enter the following fields:
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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. |
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Numbering Type |
Use the drop-down list box to select the numbering type for the login organization unit and the “Loan Payment Schedule” 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. |
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Status |
The status of the liability number will be displayed here. |
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Transaction Date |
The date on which the transaction has happened will be entered here. Mandatory. |
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Reversal |
An option to reverse the provisioning entry made. The system will reverse the provisioning entry on the first day of the following period. |
Enter the following fields in the “Loan Details” group box:
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Loan No. |
The number identifying the loan number created under “Maintain Loan Details” |
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Loan Description |
A textual description of the loan number. |
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Liability Till Date |
The date on which the pending liability details are to be shown on click of “Get Details” push button. |
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Project Code |
The project code assigned to the loan number will be displayed here. |
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Project Name |
The description of the project code will be shown here. |
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Currency |
The currency on which the loan is taken will be shown here. |
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Exch 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. |
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Remarks |
Any remarks relating to the loan liability can be entered here (Alphanumeric, 255). |
Click the “Get Details” pushbutton to get the results in the multiline as per the search criteria specified.
Enter the following in the “Interest/ Charges / Installment” multiline box:
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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. |
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EMI No |
The monthly installment number related to loan payment. Help facility available. |
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From Date |
The start date of the EMI No. |
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To Date |
The end date of the EMI No. |
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Amount |
The amount of installment for which the provision is to be created. |
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Account Code |
The expense account code mentioned in the “Maintain Loan Parameters” activity. |
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Contra Account Code |
The asset/ liability account code mentioned in the “Maintain Loan Parameters” activity. |
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Cost Center |
The cost center to which the expense/asset/liability account has been mapped can be captured here. |
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Analysis Code |
The analysis code to which the expense/asset/liability account has been mapped can be captured here. |
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Sub Analysis Code |
The sub-analysis code assigned to the analysis code entered can be captured here. |
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 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 “Process Loan Repayments” link at the bottom of the page to process the loan installment payments.
Select the “Attach Notes” link at the bottom of the page to specify any notes relating to the document.
Select the “Collaborate” link at the bottom of the page to record or to view the observations or comments or discussions regarding the document.
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 Numbering Type must be defined in the “Create Numbering Type” activty of the “Numbering Class” business component