4.7.1 Balances
The Balances sub screen lists the balances that will be established when an account is booked and funded.
CAUTION: Please contact your Implementation Manager for changes to this section.
- Click Setup > Setup > Administration > User > Products > Contract > Line > Balances.
- On the Balances sub screen, perform any of the Basic Operations mentioned in Navigation chapter.
A brief description of the fields is given below:
Table 4-18 Balances
Field Do this Balance Type Displays the balance type. Displays the balance type. Select the charge off method to determine how the outstanding amount of this balance type will be handled from the drop-down list, if the account becomes uncollectable and the product is charged off. Writeoff Method Select the write off method to determine how the outstanding amount of this balance type will be handled from the drop-down list, if the account is within the write off tolerance of being PAID. Reschedule Method Select the reschedule method to determine how the outstanding amount of this balance type will be handled from the drop-down list, if the account is rescheduled. Sort Specify the sort order of how account balances will appear on the Customer Service form’s Balance screen. Billed Check this box to indicate that outstanding amounts for this balance type are considered a part of the billed amount. This also determines whether payments applied to this balance type are considered when satisfying outstanding amounts due. Accrued Check this box to indicate that outstanding amounts for this balance type will be included when interest is accrued against the account. Non Performing Rollover Check this box to indicate that non-performing is used as an intermediary status on your general ledger prior to charge off and want to create balances for non-performing accounts for this balance type.
Note: (The Non-Performing Rollover box applies only to Balance Types of ADVANCE/PRINCIPAL and INTEREST. For all other Balance Types, this box would be cleared).
Non Performing Balance Type Select the balance type you want to rollover from drop-down list, if you select the Non-Performing Rollover box (Advance/ Principal). Enabled Check this box to indicate that this balance type will be created when the account is booked and funded. This section is applicable if the capitalization frequency is selected as Balance Frequency for the contract and allows you to define capitalization parameters for a specific type of account balance such as Interest.
Note: The value of parameters defined in this section supersedes the values defined in header section.
Capitalize Check this box to enable capitalization parameters for the selected balance type. By default, this option is un-checked.
Note: The option is disabled for Advance / Principal type of Line contracts.
Frequency Select the capitalization frequency from the drop-down list. Frequency can be selected using any of the following options:- Based on specific intervals such as Monthly, Quarterly, Annual and so on.
- Based on contract Billing Frequency, Billing Date, Due date.
- Specifically on every Month End.
Grace Days Specify the grace days allowed in the frequency (minimum 0, maximum 31) before capitalizing the balances to account. This is also the deciding factor for executing the capitalization batch job which is based on Capitalization Frequency + Grace Days.
However, note that Grace Days are not accounted for Month End type of capitalization frequency and is ignored even if specified.
- Perform any of the Basic Actions mentioned in Navigation chapter.
The system loads the currently defined balances for accounts.
If your organization maintains additional balances, contact your Implementation Manager for information regarding those balances.
Parent topic: Contract