Payment or Adjustment Post
Main Menu - Payment - Post
Used to post individual payments, adjustments, and asset adjustments to a deal.
Note: ALMSys will allow future payments to be posted against a loan. In this scenario, ALMSys will create billings for each payment term made and will post date the payments for each term.
There are five areas on this screen which must be completed.
1. Payment type
Select the payment type from the list on the left of the screen.
By default, "Normal" is selected for you. Any of the first six types listed apply to routine monthly payment posting.
Late fees are waived by selecting "Service Charge Retraction." You may waive up to the total available for retraction as shown on the lower, left side of the screen. For leases and loans, a negative service charge retraction will be treated as a late fee charged.
Principal adjustments are typically used to add costs to the asset account for repossessions. These adjustments can be performed before or after the lease has been terminated. Adjusting the principal balance does not affect the monthly payment amount. It only affects the balance that is due at payoff time. As a result of posting a principal adjustment, the asset balance is immediately adjusted and a payment type "X" or "Z" record is posted to the payment history. (It is important to note that the asset balance is immediately adjusted as a result of the posting. This is a one-sided transaction to ALMSys and the offset account in your ledger should be a non-ALMSys account.)
It is important to know the difference between the "X" and "Z" principal adjustment types. An "X" will change the original capitalized cost of the deal. A "Z" will only affect the asset balance at the time of the posting of the "Z". You will find that the "Z" code is more balancing-friendly, and is therefore recommended to be used instead of the "X".
Fill in the amount of the payment or adjustment. Negative amounts are accepted, however please be aware that negative amounts will not un-disburse and already distributed payment.
Quick-fill buttons are provided to speed the process. These buttons consist of the current normal monthly payment amount, the total outstanding amount owed, and the total last billed amount. The fourth quick-fill button is a special amount which you may preset on the preferences screen. This fourth button may be set to a positive or negative amount. If it is set to a negative amount, ALMSys will assume it is for an NSF fee and select the appropriate payment type code.
The "Add-To" buttons will increment the payment amount field by $5, $10, or $15. These are typically used to quickly add a late fee paid to the amount field.
3. Payment Made Date
The payment made date represents the date that the payment was received. It should accurately reflect when the payment was made. This date controls delinquency and credit bureau calculations only.
The Payment Made and Posting dates may be defaulted to the last posting date + 1, today's date, or yesterday's date. This preference is set in your ALMSys Preferences.
4. Posting Date
The payment posting date is the date on which you want the payment to be added to the ALMSys records. This is primarily for balancing purposes. If affects all balancing reports. (The = button will make the payment posting date equal to the payment made date.)
5. How Paid?
Used to convey how the payment was made.
6. Check Number
Use this to convey additional information for the "How Paid?" field. For example, if paid by credit card, you may wish to enter the last 4 digits of the card.
This field is not required and may be used to convey special aspects of this payment. You should always fill in a note for a principal adjustment.
After filling in the information, there are two buttons available that will post the payment. The Post, No Receipt button will post the payment or adjustment without creating a payment receipt. The Post With Receipt button will post the payment or adjustment and then display a payment receipt. (You will need to use the Alt-Tab keys to see and print the receipt.) Receipt numbers are automatically generated for you. Set the starting receipt number on the Tools - Overall Control screen. (The Post With Receipt #, But No Paper Receipt button will generate a receipt number for the payment, but will not create the receipt report.)
If you are exporting payment batches for the accounting interface and are posting a non-"normal" payment, you will be asked if you would like the payment adjustment added to the payments interface batch.
The payment history and loan payment schedule screens will immediately reflect this transaction.