User Guide: Main Features > Transaction Entry
NLS Interface
|

Transaction Entry

To enter a transaction from a loan query, click Transaction Entry .

If the daily accruals on the loan are not up to date, you will be prompted to run accruals for this particular loan. This will not affect any other loans in the portfolio. Click Update to run the accruals.

You will be brought to the Transaction Entry screen.


Select the transaction from the Transaction Type drop down list.

If today’s date is not the correct date for the transaction, enter the date in the Effective Date field.

You may select a payment method from the Payment Method drop down list.

The Payment Method Reference field is handy for entering identifiers such as check or money order number.

Enter the amount of the payment in the Amount field. You will be entering the amount the customer is actually paying, not the amount due. The system will account for overpayments or underpayments according to the loan’s default distribution. When you hit Enter on the keyboard the payment will be distributed between Principal, Interest, Late Charges, Fees, and Miscellaneous balances; and between Past Due Receivables, Current Receivables, and unbilled balances.

You can enter any other desired payment reference information in the Reference field.

The default distribution may be overridden by changing the numbers in the 15 Payment Distribution fields. You will not be able to finalize the payment until the payment is in balance, so if you reduce the amount in one field, another field must be increased by the same amount. You can never distribute more money to one of these fields than is available in the corresponding billing field to the left, so you can not distribute to Past Due Interest if there is no existing Interest Receivable past due.

If there is more than one billed payment outstanding, and you need to control which specific payment is affected, you can do so by clicking the Detail tab.


From here, you can control the distribution on an individual payment level.

When you are satisfied that the distribution is correct, click OK.

Your payment may be viewed on either the Payment History tab or the Transaction History tab of a loan query.

If a late billing generated a late fee, and a payment which is applied to that billing is back-dated to prior to the expiration of the grace period, the late fee will be reversed automatically by the system.

Quick Payment

Available in NLS 5.8 and later

Quick Payment is a simplified transaction entry dialog that does not include the payment distribution and other options available in the standard transaction entry dialog.

The Payment Method* drop down list will include all payment methods with the Quick Payment flag set in Payment Methods setup.

Security for Quick Payment is available in Loan > Transaction Entry > Quick Payment. User without the privilege will not see the Quick Payment icon in the ribbon bar.

*Prior to NLS 5.9 Payment Method was labeled Payment Type.

Bulk Payments

Available in NLS 5.11 and later

A bulk payment allows for a single transaction to be distributed among multiple loans.

From a loan query, click Bulk Payments > Add… to enter a bulk payment.

Edit the list of loans to which to apply the bulk payment.

Add Use the Find Loan dialog to find loans to add to the list.
Delete Remove selected loan from the list.

Click Proceed… when all the loans to be included in the bulk payment has been added.

Enter the necessary transaction information and the payment amount. The payment amount will be distributed among the loans listed in the Loan Distributions tab. The amount will be divided equally among the loans to two decimal places with any left over amount being applied to the loan at the top of the list.

Distribution details for individual loans can be viewed and modified by clicking under the Details… column for each loan.

Click OK and the transaction amounts will be applied to the loans.

Reversing a Bulk Payment

To reverse a bulk payment, click Bulk Payments > Reverse…. Only bulk payments from which the currently selected loan received a payment will be listed.

Note

When a bulk payment is reversed—payments made to all loans included in the bulk payment—will be reversed.

Select the payment to reverse and click OK to reverse the bulk payment.



Updated: 2018.12.03


Fill out my online form.