1. Bilateral Loans
  2. Processing Repayments
  3. Making Manual Payments
  4. Viewing the Schedule Break-up Details
  5. Reversing Manual Payments

7.10.8.8 Reversing Manual Payments

You can reverse authorized manual payments. The system makes the following validations before reversing a payment:
  • A principal payment can be reversed only if the payment date is equal to, or later than, the last interest and commission schedule due date.
  • An interest payment can be reversed only in the reverse chronological order of its payment.
In the Contract view screen, to reverse a payment, you have to invoke the manual payments function and specify the contract reference Number. You have to enter the amount paid. You have to click on Reverse in the Processing sub-menu of the Actions Menu.

If the payment involves accounts in different currencies, the conversion rates to be used for reversal are picked up from the contract as specified during Contract Input.

If a new payment account was specified for a component during the input of the payment, the reversal is done to the new account. If the new account is in a currency different from that of the contract and a conversion rate was specified, the rate from the payments function is used for the reversal.

The reversal of a payment may sometimes entail a change in the status of a contract. If the contract is set for automatic status change, this change is made by the system automatically.

Automatic payments made by the Automatic Contract Update program can also be reversed through the manual payments function.

You can reverse the payments of Interest/Principal at loan level at commitment level made against any kind of schedule even after the Loan/Commitment is liquidated.

Click Reverse in the application tool bar to reverse the payments.

Fee payments made against the commitment/loans so on, can be reversed irrespective of the contract being liquidated or for the bullet schedule.

Click Reverse in the application tool bar to reverse the payments.

Note:

  • The interest and principal payments arising out of rollover / re-price are not allowed for reversal.
  • LIQD or FLIQ reversed should be the latest LIQD or FLIQ event.
  • The auto LIQD reversal for bearing capitalized type of loans is not allowed.

Parent topic: Viewing the Schedule Break-up Details