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Post Payment or Adjustment

This screen is used to post individual payments, adjustments, and asset adjustments to a specific deal. Please provide the following information in order to post a payment.

Payment Amount
You may type in the payment amount or select it from any of the buttons provided below the payment amount. Payments that decrease the amount owed are entered as positive numbers. Payments that are negative will increase the amount owed.

Payment Type
Select the code which matches the type of payment or adjustment that you are doing.

(blank)  : Normal Payment. The vast majority of your payments will be of this type.
A : Additional Payment. Use this to indicate a payment that is beyond the normal payment.
E : Early Payment. Use this to indicate that a payment was made earlier than expected.
N : NSF Draft/Check/EFT. This is used to reverse a payment. The payment itself should be entered as a negative number. For a loan, the first available payment will be reversed for the deal. You do not need to input a payment amount.
L : Partial Payment. Use this to indicate that the customer made a partial payment.
P : Payment Entry Error. Use this to correct a payment which was incorrectly entered.
S : Service Fee (Charge/Retraction). This is a special code only to be used with service charges. If the amount entered is postive, then it will waive a previously charged fee. If it is negative, then you are assessing a service charge against this deal.
X : Principal Adjustment and Y : Prin. Adj. On-The-Fly. 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".
J : Loan Clearing Journal. This is a special code for loans only. It is used to bring a loan to zero principal owed, zero interest owed, and zero non-cap. owed (if any). It is recommended to post a "J" record to clear out any balances and then terminate the loan with a zero dollar payoff. When you select this type, the program will calculate the payment amount needed to clear out the balances. This means that you do not need to input a payment amount.

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.)

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.

Payment 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.)

Use the buttons below the calendars to quickly set them to the indicated date.

These calendars will turn red if the dates are not correct. Basically:
  • You cannot post into the future
  • The payment made date must always be less than or equal to the posting date
  • The posting date cannot be earlier than the accounting cut-off date

    The Payment Made Date may turn yellow if it is before the last posting date. This is OK and will be accepted.

    How Paid
    Used to convey how the payment was made. This is also used in conjuction with assigning a payment to a batch.

    Check Number or Last 4 of Card
    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.

    Note for this Payment
    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.

    Post Payment
    After all information has been provided, you are ready to post this payment. If you want a receipt, please mark the How to Post? box accordingly. Click the Post this Payment button complete the payment post process.