Given below is the sequence of steps you need to follow to apply and process fees levied on a contract:

• Maintain a fee rule through the Fee Rule – Definition screen.
• Define the attributes of a fee rule through the Fee Rule Maintenance screen.
• Once you have defined the attributes of a Fee Rule, you have two options:
  • Define a Fee Class through the Fee Class screen. If you define a Fee Class, you can associate it with a Product directly (through the Loans and Deposits Fee screen) and the Product inherits all the attributes of the Fee Class.
  • Do not define a Fee Class, instead, associate a Fee Rule directly with a Product and define the other properties through the Loans and Deposits Fee screen.
• The contracts booked under various products, inherit the properties of the product. For each contract, you can add, edit or remove fee components through the Fee Components screen.
• Enter schedules for the fee components through the Fee Schedules screen.
• Liquidate the fee components through the Fee Liquidation screen.