Adjustment Types

The following adjustment types are needed:

  • Activate a loan. This should reference a distribution code associated with cash or the cash equivalent and an FT algorithm of Payoff Amt = Adj / Current Amt = 0.
Note:

Creating Checks for Loan Amounts. If you want the system to initiate a check to the customer for the loan amount, the loan activation adjustment type should indicate an A/P Request Type Code. Refer to Controls The Interface To A/P & 1099 Reporting for more information.

  • Remove Credit (Overpayment). This adjustment should reference an FT algorithm of Payoff Amt = 0 / Current Amt = Adj Amount (no GL). Even though this algorithm indicates that there is no effect on the GL, there is a special exception built in for loan SAs. The special exception creates GL details to transfer the current balance (short-term receivable) to the long-term receivable. Refer to Overpayments for more information.
Note:

Printing Overpayments on Bills. If you want the overpayment adjustment to appear on customers' bills, turn on Print by Default and enter a Description on Bill (e.g. "Additional Principal"). For more information, refer to Controls Information Printed On The Bill.