Modifying/Correcting Payment Transactions

17.3.9.1 Modifying/Correcting Payment Transactions

In some cases, a payment may be valid, but how it was posted was incorrect; for example, payment was posted to the wrong account, with the wrong date, or with incorrect spread data. The Payment Maintenance screen enables you to correct such errors.

Consider the following scenarios during payment maintenance:

When a transaction is posted with lesser amount (i.e. amount changed from $100 to $40), system automatically posts two transactions. A reverse transaction with amount $100 and another transaction with amount $40.
When a new record is inserted and payment amount is provided, system posts payment on new account.
When a record is updated with amount as 0, system reverses original payment and does not post any transaction.

To modify/correct an individual payment transaction

On the Oracle Financial Services Lending and Leasing Application home screen, click the Servicing > Servicing > Batch Transaction > Payments > Payment Maintenance tab.
In the View Options section, select the type of payments you want to view: Posted, Suspense, or All.
In the Search Parameters section, use Account number, Payment Date, Payment Amount, or Reference number fields and Search button to locate the account you want to work with. The system displays payments matching your search criteria in the Payments section.
In the Payments section, select the payment that you want to modify and click Modify Payment.

In the Payments section, you can modify/correct the following details:

Table 17-23 Modify/correct an individual payment transaction

Field	Do this
Pmt Dt	Select the payment date from the adjoining calendar.
Currency	Select the currency from the drop-down list.
Pmt Amt	Specify the payment amount.
Reason	(Optional) Select any of the relevant reason for the payment from the drop-down list.

In the New Payment Txns section, update the fields with information about payment you want to modify to reconcile the payment changes.

Table 17-24 New Payment Txns

Field	Do this
Account #	Select account number from the drop-down list.
Amount	Specify the transaction amount.
Spread	Upon account selection, system defaults the spread (payment allocation strategy) based on the matching details defined in Spread Matrix screen (Setup > Products > Spreads > Spread Matrix). If there are no matching details found or spread matrix is not defined, system defaults the spread defined at the contract. However you can also select the required spread for the payment from the drop-down list.
Reason	(Optional) Select any of the relevant reason for the payment transaction from the drop-down list.

In the New Payment Txns section, you can also do the following:
- Click to add additional payment transactions. System inserts a new record and allows you to specify the above details. When new records are added for single account in payment Txns section, system automatically changes the record to Multi Account and displays in Payments section.
- Click Delete to remove the selected payment record which in-turn posts a Payment reversal transaction on to the account. When records are removed from multiaccount in payment Txns section either by deleting or posting with zero amount, system automatically changes the record to single payment account and displays in Payments section with the account number.
- Click Reset to revert to previously saved payment transaction data.
Click Post and Stay/Return or any of the Basic Actions mentioned in Navigation chapter.

The system modifies the original payment and posts new payment. The modified payment can be viewed on the Customer Service screen’s Transaction screen.

Parent topic: Payment Maintenance Tab