17.3.9 Payment Maintenance Tab
The Payment Maintenance screen enables you to perform the following maintenance functions on payments that have been posted:
- Modify and re-post single payment to single or multiple account(s).
- Modify and re-post multiple payments to multiple or single account.
- Post suspense payment, initially posted to a single account to multiple accounts.
Table 17-19 Common Functions
| Function | Purpose |
|---|---|
| Modify Payment |
Enables you to change one or more of the payment attributes, such as the Account number, Spread, Payment Date, Currency, Payment Amount, and Reason. For Single Account Payments, these details are editable in Payments section itself and for Multi Account Payments, only Payment Date, Currency, Payment Amount, and Reason are editable in Payments section and other details are editable in New Payment Txns section below. |
| Multi Account (check box) | Selecting the check box allows to change the payment account type from Single Account Payment to Multi Account Payment and vice versa. However, doing so will reset the Payment level Account Information and need to be selected carefully. |
| Non Sufficient Funds | Notifies Oracle Financial Services Lending and Leasing that the customer did not have sufficient funds in the account and will post a NSF fee (based on setup). |
| Reverse | Enables you to simply reverse a payment. |
| Refund | Refunds payment to single account or to multiple account with a single AP requisition. For detailed information, refer to Reversing Payment Transactions section. |
In all cases, system performs a true backdating to post the transaction based upon transaction date. Interest recalculations are automatic and all necessary transactions can be sent to the general ledger for automatic reconciliation.
Suspended Payments
In case of payments that are not posted to accounts due to issues such as incorrect account condition, the payments are posted to suspense. You can process these payments using the work queue for suspense payments. This typically involves identifying the correct amount or correcting problems with the account before attempting to re-post the payment. In this case, the payment is moved out of the suspense account and posted to the active account.
- On the Oracle Financial Services Lending and Leasing Application home screen, click the Servicing > Servicing > Batch Transaction > Payments > Payment Maintenance tab.
- Search for required payment transaction or a batch using the following options:
- In the View Options section, select which type of payment you want to load from the following list:
Table 17-20 View Options section
Choose To view Posted Posted payments. Suspense Suspended payments. (Suspended payments are posted payments that haven’t been applied to accounts because of errors involving account numbers or the account itself, such as its status, spread issues, and so on.) All All payments. - Specify one or more of the following Search Parameters for searching a payment transaction or a batch:
- Include Multiple Account - By default, this check box is either selected/deselected depending on the status of system parameter ONE PAYMENT TO MULTI ACCOUNTS (TPE_PAYMENT_TO_MULTI_ACCOUNTS) defined as (Y/N). Manually selecting or deselecting the same enables the system to search for those payments where single/multiple entries for same or different accounts are posted in a single batch.
- Account # - Search through the Account in which the specific payment entry is to be posted.
- Pmt Dt - Search using Payment Date or the transaction date on which payment was made.
- Pmt Amt - Search using Payment Amount.
- Reference # - Search using Payment transaction reference number.
- Click Search. System displays all payments matching the search criteria from all accounts in Payments section.
- In the View Options section, select which type of payment you want to load from the following list:
- You can view or edit the following information in Payments section:
Table 17-21 Payments section
Field Do this Multi Account If the system displays this check box as selected, then you are allowed to edit the fields in Payment Txns section below. Account # Select the required account number from the drop-down list. Title View the account holders name in this field. Account Status The current status of the account. 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.
Pmt Dt Specify the payment date. Currency Select the currency from the drop-down list. Pmt Amt Specify the payment amount. Reference View the payment reference. Reason Select the payment reason from the drop-down list. Mode View the payment mode. Company View the portfolio company. Branch View the portfolio branch. Batch # View the batch number. Batch Type View the batch type. Date View the batch date. - View the following information for the selected payment in Payment Txns section:
Table 17-22 Payment Txns section
Field View this Account # The account number. Title The account title. Account Status The current status of the account. Currency The currency in which payment is done. Amount The payment amount. Status The status of payment. Spread The spread (payment allocation strategy). Reason The payment reason. Error Reason The error reason for payment, if any. The Payment Allocation section details how the selected payment was applied against the account. This is useful in determining whether the payment was posted correctly or whether the spread or transaction date needs to be modified.
This section consists of the following topics: