5.15.2 Processing Settlement of Receivables/Payables for a Contract

You can process settlement of a payable/receivable amount in the Payable – Receivable Payment screen.

Specify the User ID and Password, and login to Homepage.

From the Homepage, navigate to Payment–Receivable Details scree.

1. From the Payment–Receivable Details screen, click Payment.
   The Payable – Receivable Payment screen is displayed.

   Note:

   The fields which are marked in asterisk red are mandatory fields.

   Figure 5-71 Payable – Receivable Payment

   
   

   
   Description of "Figure 5-71 Payable – Receivable Payment"

   
   
2. The following details are displayed in this screen:
   • The Reference Number of the contract
   • The event code and the date of occurrence of the event
   • The event sequence number
   • The date the payment was done and the payment status

   Note:

   You also have the provision to invoke the Payable-Receivable Payment screen directly from the Application Browser. To do so, choose LB Operations and double-click on the Payment option under the Payable Receivable sub-menu. In this case, you need to select the tranche/drawdown from the option list provided. In addition, you need to select the relevant event from the Event Code option list provided. The corresponding event sequence number gets defaulted in the Event Seq No field here.

   To view the components due for the selected contract, click Populate button. The following details are displayed:

   • The Payment Status for the due component (s)
   • The components due
   • The borrower due details
   • The participant due details

   Liqd Reqd

   By default, this option is checked for all the participants. However, you can choose to liquidate the payable/receivable amount for selective participants only. To do so, you need to check this option against the appropriate participant (s) and uncheck the same for the others.

   Note:

   The receivables from any party (participant or borrower) should be liquidated in a single instance. For instance, if the amount receivable from a borrower is USD 6000, the same has to be settled entirely including the settlement of individual participant share. Likewise, the amount receivable from participants can be settled individually or with other participants. However, you are not allowed to do a partial liquidation within the individual participant amount.

   Apply Tax

   Tax is calculated upfront based on whether tax is applicable for the contract. However, at the time of payment, you can select this option to apply tax on the receivable/payable amount. To waive tax, deselect this option. Your selection here is updated in the Payable-Receivable Details screen.

   Click button to move between the Component Details and Participant Due Details sections of the screen.

   After capturing the amounts to be settled against the components, click Save to save the payment. Click Exit button to exit the screen and return to the Payable-Receivable Details screen. The Amount Settled field in this screen is updated accordingly.

   Note:

   You can reverse a payment of a payable/receivable by clicking the Reverse from the menu. This option is enabled only if you access the above screen directly from the Application Browser (to do this, you need to choose LB Operations and double click on the Payment option under Receivable Payable.