Monetary transactions are submitted to Recovery Accounting using the Select a Monetary Transaction drop down list in the Local Navigation/Actions Menu Bar. Depending on the transaction selected the appropriate dialog is displayed. For the majority of transactions selected the Single Monetary Transaction dialog is displayed. The Payment Post Override, Recovery Cost transactions, and New Loan Reversal are the only transactions in the Select a Monetary Transaction drop down list that do not use the Single Monetary Transaction dialog. The Payment Post Override, all recovery cost, and New Loan Reversal transactions each display a dialog other than the Single Monetary Transaction dialog.
To submit a monetary transaction the user selects the appropriate transaction from the Select a Monetary Transaction drop down list. The appropriate dialog is displayed; the appropriate information is specified and the Save push-button is selected. Selecting the Save push-button initiates the transaction to be submitted to Recovery Accounting. If the transaction posts successfully, a history record is written, the General Ledger is updated, accruals are brought current to the current processing day, the transaction is written to the appropriate reports, the dialog is closed, and the originating view is displayed. If the transaction does not post successfully, the errors are displayed in the Messages dialog.
The Select a Monetary Transaction drop down list is disabled for inactive accounts.
Follow these steps to submit a monetary transaction:
Select the appropriate transaction from the Select a Monetary Transaction drop down list. The Single Monetary Transaction dialog is displayed.
Verify that the correct transaction was selected using the transaction description at the very top of the dialog. If the transaction selected is incorrect select the Cancel push-button. The Single Monetary Transaction dialog is closed and the originating view is displayed. The Cancel push-button may used at any time to cancel the transaction request.
Specify the Transaction Amount in the corresponding field.
Indicate the date the transaction is/was effective using the Effective Date field (may not be greater than the current processing date). The date may be entered in the appropriate format or selected using the calendar widget. If a date is not specified it defaults to the current processing date.
Select the Transaction Source from the drop down list.
Specify a free-form Description in the corresponding field.
Select the customer who is making the payment from the Payment Source drop down list.
If the account is placed with a third party, select the Third Party associated with the monetary transaction from the corresponding drop down list.
If the account is placed with a third party, indicate the Commission Amount the third party is owed based on the transaction amount and the commission rate that is in effect.
If the account is placed with a third party, indicate whether the commission amount specified has been withheld in funds by the third party using the Withheld by Third Party drop down list.
Select the Save push-button. The transaction is submitted to Recovery Accounting. If the transaction posts successfully, the Single Monetary Transaction dialog is closed and the originating view is displayed. If the transaction does not post successfully, the errors are displayed in the Messages dialog.