1. Loan Servicing User Guide
  2. Batch Transactions
  3. Advances
  4. Advance Entry Tab
  5. Entering and Posting Advances

17.2.1.1 Entering and Posting Advances

The Advance Entry screen enables you to manually post batches of advances. A batch can consist of one or more accounts.
To enter and post a batch for advance transactions
  1. On the Oracle Financial Services Lending and Leasing A home screen, click the Servicing > Servicing > Batch Transaction > Advances > Advance Entry.
  2. Perform any of the Basic Operations mentioned in Navigation chapter..
    A brief description of the fields is given below:

    Table 17-1 Entering and Posting Advances

    Field Do this
    Company Select the portfolio company.
    Branch Select the branch.
    Date Specify the batch date.
    Batch Type Select the batch type.
    Total # Specify the total number of advances in the batch.
    Total Amt Specify the total amount of advances in the batch.
    Batch # View the batch number (system generated).
    Batch Status View the batch status.
    Ctrl Total # View the total number of advances in the batch (actual).
    Ctrl Total Amt View the total amount of advances in the batch (actual).
  3. Perform any of the Basic Actions mentioned in Navigation chapter.
  4. In the Advances section, perform any of the Basic Operations mentioned in Navigation chapter.
    A brief description of the fields is given below:

    Table 17-2 Advances

    Field Do this
    Account # Select the account number.
    Account #: Title View the account title.
    Date Specify the advance effective date.
    Currency View the currency associated with the transaction.
    Amount View the advance amount.
    Promotion Select the promotion associated with advance.
    Mode Select the advance mode.
    Reason Select the reason for the advance.
    Status View the advance status.
    Error Reason View the reason for error.
    Reference Specify any reference information (such as check number).
  5. Perform any of the Basic Actions mentioned in Navigation chapter.
  6. In the Advance Allocations section, you can record the advance payments (usually called Tranche - slice or portion) of total disbursement. Perform any of the Basic Operations mentioned in Navigation chapter.
    A brief description of the fields is given below:

    Table 17-3 Advance Allocations

    Field Do this
    Validate Payee

    (Optional) Select this check box to validate and list all the registered third-party payee maintained in the system.

    If selected, the Name field below is rendered as a drop-down list. Else, the same is a free text field to specify the Payee Name.

    Amount Specify the advance amount to be paid to this payee.
    Type Select the payee type as CUSTOMER, BUSINESS, or THIRD PARTY from the drop-down list. Based on selection, system auto populates the Payee # and Name of Customer, Business or Vendor details respectively.
    Payee # Based on Validate Payee option selected, you can either select the payee number from the drop-down list or specify the payee number.
    Name Specify the payee name.
    Pmt Mode Select the payee payment mode from the drop-down list.
    Country Select the country where the payee is located from the drop-down list.
    Address Line 1 Specify the address line 1 for the payee.
    Zip Select the zip code where the payee is located from the drop-down list.
    City Specify the city where the payee is located.
    State Select the state where the payee is located.
    Bank Name Specify the payee ACH bank name.
    Routing # Specify the payee ACH bank routing number.
    ACH Account Select the payee ACH bank account type from the drop-down list.
    ACH Account # Specify the payee ACH bank account number.
    BIC Select the Business Identifier Code from the drop-down list. The list displays the BIC codes defined in the system.
    IBAN

    Specify the IBAN (International Bank Account Number). IBAN is used for identifying bank accounts across national borders with a minimal of risk of propagating transcription errors.

    Ensure that value entered satisfies the check-digit validation based on modulo 97. On save, system automatically validates the IBAN number length based on country code, characters, white spaces, and check sum. Validation is also done during posting non-monetary transaction (ACH Maintenance).

    You can maintain the IBAN length and other details required as per the country code in the user defined table (Setup > Administration > System > User Defined Tables).

    Note: IBAN for NL country code (IBAN_FORMAT_NL) is defined by default with length of IBAN as 18.

    Comment Specify a comments for this advance allocation.
    Currency Specify the currency for disbursement.
  7. Perform any of the Basic Actions mentioned in Navigation chapter.

    The system updates the display only Total # and Total Amt fields in Batch section to record the contents of Advance section.

    When you want to post a batch transaction on Advance Entry screen, ensure that contents of the display only Total # and Total Amt fields match with contents of the required Total # and Total Amt fields in Advance group section.

  8. In the Action section, click Post.
    The system changes batch status from OPEN to PROCESSING and submits batch to the job service. After the batch has been processed, system changes the batch status to POSTED or ERROR.
The posted advances can be viewed on the Customer Service screen’s Transaction screen. The system creates entries for the posted advances on AP Transaction screen. These entries can be used to process the remittances.

Parent topic: Advance Entry Tab