3.2.9 Specifying if Status Processing for Contract Schedules is Required

The status of a loan contract depends on repayments made on the loan. A repayment could mean a change in status.

Each status applicable for a contract is defined in the system. For movement to each status, you can define processing parameters, such as whether further accruals may be stopped, or accruals already made must be reversed out, and if the reporting GL must be changed when the status changes.

You can also process individual statuses and status changes for each schedule defined for a contract. In such a case, for each schedule, the accrued component amounts on the schedule that has fallen overdue, resulting in a change of status, would be moved to the transfer GL’s defined for the status.

To enable such schedule-level status processing, select the Schedule Level Status Change check box.