11.7 Generation of Billing Advices and Delinquency Notices

A billing notice or advice can be generated, for the benefit of a customer, as a reminder that a payment is due. When defining a product, you can specify the number of working days before the repayment date when a billing notice is to be generated.

The notice is generated as part of the Automatic Contract Update function when you run it at the beginning of day. The billing advice is generated for the mail medium. This notice is generated for repayment of all components.

If you have specified that a notice is to be generated on a certain day and it happens to be a holiday, then the notice is generated depending on your holiday handling specifications in the Branch Parameters screen.

• If you specified that automatic processes are to be carried out up to the next working day, the notices slated for generation on the holiday are generated during end of day processing, on the last working day before the holiday.
• If you specified that the automatic processes are to be carried out only till the System Date (today’s date), notices slated for generation on the holiday are generated on the next working day immediately after the holiday, during beginning of day processing.

Example

Assume that while entering into a contract with Ms Yvonne Cousteau, you specified 10 days here. If today is 20 June 1997, and 21 June 1997 is a holiday, the notices are generated for payments due on 30 June 1997, during BOD on 20 June 1997.

The notices meant for 1 July 1997 are generated, during end of day processing, on 20 June 1997 if you have specified that all automatic processes falling due right up to the next working date are to be processed on the System Date (today’s date).

If not, the notices meant for 1 July, are generated during beginning of day processing, on the working day immediately after the holiday, that is, 22 June.

A Delinquency Notice is generated to be sent to a customer when a payment is pending. The Automatic Contract Update function generates the delinquency notice if you have specified one for a loan, during BOD processing. If it falls due on a holiday, its generation depends upon your holiday handling specifications in the Branch Parameters screen.