8.12.11 Disbursement Sub Tab

This topic provides information on the disbursement section, which records and manages details of fund releases, payment schedules, and statuses to support transparency and accountability.

The Disbursement sub screen records how the Loan payment is disbursed and records payments to third parties such as the Department of Motor Vehicles. This sub screen needs to be completed, if there is an itemized disbursement.

To complete the Disbursement sub screen
  1. On the Origination, click Origination. Under Origination, click Funding.
  2. Under Funding, click Funding tab. Under Funding tab, click Contract. Under Contract, click Disbursement.
  3. In this section, user can perform any of the Basic Operations mentioned in Preface.
    A brief description of the fields is given below:

    Table 8-18 Disbursement

    Field Description
    Disbursement Displays the disbursement section.
    Validate Payee Check this box to validate payee.
    Description Displays the disbursement description.
    Number Specify the disbursement party’s number.
    Payment Mode Select the payment mode.
    Name Specify the company name.
    Account # Specify the account number.

    Note: If the organizational parameter UIX_HIDE_RESTRICTED_DATA is set to Y, this appears as a masked number; for example, XXXXX1234.

    Amount Displays the payment amount.
    Currency Specify the currency.
    ACH Account Type Specify the account type.
    Account # Specify the ACH account number.

    Note: If the organizational parameter UIX_HIDE_RESTRICTED_DATA is set to Y, this appears as a masked number; for example, XXXXX1234.

    ACH Bank Specify the bank number.
    ACH Routing # Specify the routing number.
    BIC Select the Business Identifier Code from the drop-down list. The list displays the BIC codes defined in the system.
    IBAN

    Specify the IBAN (International Bank Account Number). IBAN is used for identifying bank accounts across national borders with a minimal of risk of propagating transcription errors.

    Ensure that value entered satisfies the check-digit validation based on modulo 97. On save, system automatically validates the IBAN number length based on country code, characters, white spaces, and checksum. Validation is also done during posting non-monetary transaction (ACH Maintenance).

    User can maintain the IBAN length and other details required as per the country code in the user defined table (Setup, click Administration under Administration, click System under System, click User Defined Tables).

    Note: IBAN for NL country code (IBAN_FORMAT_NL) is defined by default with length of IBAN as 18.

    Comment Specify a comment.
    Country Select the country.
    Address Line 1 Specify the address line 1.
    Address Line 2 Specify the address line 2.
    Zip Specify the zip code.

    For non US country, user have to enter zip code.
    City Specify the city.
    State Select the state.
    Phone 1 Specify the primary phone number.
    Extn Specify the primary phone extension.
    Phone 2 Specify the alternate phone number.
    Extn Specify the alternate phone extension.
  4. Perform any of the Basic Actions mentioned in Preface.

    Disbursement tab will display the records only, if a third party itemization is maintained during contract setup.

Parent topic: Contract Tab