7. WFP Payments Batch

7.1 Introduction

The WFP Payments Batch window enables you to apply payments received from the producer at producer, credit line, and unit levels. It also allows for bulk batch payments by displaying the data received from the producer through a file. After that, you can adjust the unit level payments.

7.2 Payments Batch

The Payments Batch under WFP enables you to manually apply various types of payments received from a producer at the producer, credit line, and unit level. You can also specify the method of applying spreads at each level.

In addition, the Payments Batch enables you to reverse posted payments and void a payment due to non sufficient funds in the producer’s bank account.

Three types of payments can be made by the producer: statement payment, payoff payment and regular payment.

To apply payments

On the Oracle Financial Services Lending and Leasing home screen, click WFP > WFP > Payments Batch

The Payment section enables you to select the producer to which payment applies, as well as method of payment. In this section, Oracle Financial Services Lending and Leasing displays all the payments that are not yet posted (that is, all payments with status as OPEN.)

1. In the Payment section, select the record you want to work with.
2. In the Payment section, you can do the following:

• Choose View All to view all the payments applied to date. You can view all the payments by using scroll bar adjacent to Payments section.
• Use Search Criteria to limit the display of payment records.
• To create a new record, click Add.
• To change an existing record, click Edit.

3. In the Payment section, enter, view, or edit the following information:

   In this field:	Do this:
   Producer	Select the producer number and name (required).
   Pmt Mode	Select the payment mode (required).
   Statement Dt	Enter the statement date (optional).
   Statement Amt	View the total amount due as per statement (display only).
   Pmt Dt	Enter the date the payment amount is applied to the unit. Payment date cannot be less than either: The last billing date less value defined in the system parameter WFP_­MAX_CYCLES_BACKDT -or- The approval date for the producer/start date credit line/effective date for units. It also cannot be a future date (required).
   Pmt Amt	Enter the payment amount received from the producer. If you do not enter a value in this field, Oracle Financial Services Lending and Leas­ing completes it with the statement amount for the statement payment when you choose Create Details in the Action section (required).
   Status	View the status of the payment batch (display only).
   Post Dt	View the batch payment posting date (display only).
   Current Due	View the total dollar amount due from the producer (display only).
   Doc #	Enter the document/reference number (optional).
   Receipt #	Enter the receipt number of the payment (optional).
   Reason	Select the payment reason (required).
   Remarks	Enter any comments related to payment. If the status of the payment is ERROR, Oracle Financial Services Lending and Leasing displays the reason why in this field (optional).

4. In the Producer Fee Payment section, enter, view, or edit the following information:

   In this field:	Do this:
   Current Due	View the current due amount for producer level fees (display only).
   Statement Amt	View the due amount as per the statement for producer level fees. Oracle Financial Services Lending and Leasing populates this field only for statement payments when you choose Create Details in the Action section (display only).
   Payment Amt	Enter the amount to be applied to the producer level fees. This will default to the statement amount for the statement payment when you choose Create Details in the Action section (required).
   Spread	Select the payment application spread (required).

5. In the Unit Payments section, select the record you want to work with.
6. In the Unit Payments section, you can do the following:

• Use Search Criteria to limit the display of unit payment records.
• To create a new record, click Add.
• To change an existing record, click Edit.

7. In the Unit Payments section, enter, view, or edit the following information:

   In this field:	Do this:
   Credit Line	Select the credit line from the drop-down list. The list displays all the credit lines which are linked to the selected producer for selection.
   Unit#	Select the unit number to which the payment can be applied. Based on the credit line selected, corresponding unit numbers are listed for selec­tion.
   Status	View the status of the unit. The payment cannot be applied against a unit with a status of paid, void, or pending unit (display only).
   Current Due	View the current amount due on the unit (display only).
   Statement Amt	View the total amount due on the unit for the statement selected in state­ment date. Oracle Financial Services Lending and Leasing will populate this field only for statement payments (display only).
   Payment Amt	Enter the payment amount to be applied to the unit. This defaults to the statement amount if payment mode is the statement payment and you choose Create Details in Action section (required).
   Spread	Enter the payment spread (required).

The Credit Lines section displays the credit line information for producer selected in Payment section.

8. In the Credit Lines section, select the record you want to work with. You can use Search Criteria to limit the display of credit line records and view the following display only information:

   In this field:	View this:
   Credit Line	View the credit line details for the producer selected in Payment section.
   Current Due	View the current dollar amount due on the credit line.The credit line cur­rent due equals the sum of unit level current due plus current credit line fee due.
   Statement Amt	Displays the dollar amount due for the statement as of a particular date. This field is required for statement payments and is populated when you choose Create Details in the Action section.
   Payment Amt	Payment amount made against the credit line. Data is displayed in case of a posted payment Would be blank for a new payment being posted.

The Credit Line Fee Payment section enables you to apply a payment at producer level for producer selected in the Payments section.

9. In the Credit Line Fee Payment section, select the record you want to work with.
10. In the Credit Line Fee Payment section, you can do the following:

• Use Search Criteria to limit the display of total credit fee payment records.
• To create a new record, click Add.
• To change an existing record, click Edit.

11. In the Credit Line Fee Payment section, enter, view, or edit the following information:

    In this field:	Do this:
    Current Due	View the current due amount for credit line level fees (display only).
    Statement Amt	View the due amount as per the statement for credit line level fees. Ora­cle Financial Services Lending and Leasing populates this field only for statement payments when you choose Create Details in the Action sec­tion (display only).
    Payment Amt	Enter the amount to be applied to the credit line level fees. This will default to the statement amount for the statement payment when you choose Create Details in Action section (required).
    Spread	Select the payment application spread (required).

The Producer Fee Payment section records the producer level fee amount being paid.

12. In the Producer Fee Payment section, select the record you want to work with.
13. In the Producer Fee Payment section, you can do the following:

• Use Search Criteria to limit the display of total producer fee payment records.
• To create a new record, click Add.
• To change an existing record, click Edit.

Applying a Statement Payment

A statement payment is the payment made against the monthly statement sent to producer.

To apply a statement payment

1. On the Oracle Financial Services Lending and Leasing home page, click the WFP master tab.
2. Click the Batch Transactions bar link.
3. In the Batch Transactions link bar, click Payments.
4. In the Payments section, click Add.
5. In the Producer field on the Payments section, select the producer from whom the payment was received.

Oracle Financial Services Lending and Leasing completes the Current Due field with information about the selected producer.

6. In the Pmt Mode field, select STATEMENT PAYMENT.
7. In the Statement Dt field, select the statement date against which the payment is being applied.

Oracle Financial Services Lending and Leasing completes the Pmt Amt and Statement Amt fields. The statement amount is the amount expected from the producer for that statement period. Payment amount, by default, would be the same as statement amount (if not already entered by the user).

8. Edit the Pmt Amt field if necessary.
9. In the Action section, click Create Details.

Oracle Financial Services Lending and Leasing completes the following fields in the Credit Lines, Credit Line Fee Payment, Producer Fee Payment, and Unit Payments section.

10. In the Action section, click Post Payment.

Oracle Financial Services Lending and Leasing posts the payment. The payment can be viewed on the Transaction section of maintenance screens.

Applying a Payoff Payment

The payoff payment is the payment made by producer that pays off the entire outstanding amount against a unit. Typically, in such cases, the producer would ask for a payoff quote from the financial institution. The payoff quote for a unit can be generated with WFP Maintenance window on the Units link’s Units Maintenance page with New Payoff Quote section.

To apply a payoff payment

1. On the Oracle Financial Services Lending and Leasing home page, click the WFP master tab.
2. Click the Batch Transactions bar link.
3. In the Batch Transactions link bar, click Payments.
4. In the Payments section, click Add.
5. In the Producer field on the Payments section, select the producer from whom payment was received.

Oracle Financial Services Lending and Leasing completes the Current Due field with information about the selected producer.

6. In the Pmt Mode field, select PAY-OFF PAYMENT.

Oracle Financial Services Lending and Leasing completes the Current Due field with pay-off amount.

7. In the Unit Payments section, select the unit to be paid off in unit payments section.
8. Enter the amount in Current Due field of Unit Payments section in Pmt Amt field in the Payments section.
9. In the Action section, click Post Payment.

Note

While posting the payment, ensure that sum of all the payments applied at unit level matches with payment amount in the payment data section.

Applying a Regular Payment

Regular payment is a “one-off” payment made by the producer. This payment is not against any statement, nor does it payoff any units. This payment can be spread over multiple units or over the producer or credit line fee payment.

To apply a statement payment

1. On the Oracle Financial Services Lending and Leasing home page, click the WFP master tab.
2. Click the Batch Transactions bar link.
3. In the Batch Transactions link bar, click Payments.
4. In the Payments section, click Add.
5. In the Producer field on Payments section, select producer from whom the payment was received.

Oracle Financial Services Lending and Leasing completes the Current Due field with information about the selected producer.

6. In the Pmt Mode field, select REGULAR PAYMENT.
7. In the Unit Payments section, select the unit to which payment applies and complete Payment Amt field,

-or-

• In the Producer Fee Payment section, select the producer to which payment applies and complete Payment Amt field,

-or-

• In the Credit Line Fee Payment section, select the credit line to which payment applies and complete Payment Amt field.

8. In the Action section, click Post Payment.

Oracle Financial Services Lending and Leasing posts the payment and changes the status to PAYMENT POSTED.

To reverse a payment

1. On the Oracle Financial Services Lending and Leasing home page, click the WFP master tab.
2. Click the Batch Transactions bar link.
3. In the Batch Transactions link bar, click Payments.
4. Above the Payments section, select View All.
5. In the Payment section, select the payment with the status of payment posted that you want to reverse.
6. In the Action section, click Reverse Payment.

To reverse a payment and apply a non sufficient funds (NSF) fee

1. On the Oracle Financial Services Lending and Leasing home page, click the WFP master tab.
2. Click the Batch Transactions bar link.
3. In the Batch Transactions link bar, click Payments.
4. Above the Payments section, select View All.
5. In the Payment section, select the payment with the status of payment posted that you want to reverse and apply a non sufficient funds fee as applicable.
6. In the Action section, click NSF Payment.