Re-Apply Prior Day Loan Activity
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For more information about loans, see Loans.
The Re-Apply Prior Day Loan Activity dialog box lets you re-apply funds from a reversed financial transaction into any member's loan or share account or a general ledger account. The funds from a reversed transaction can be re-applied to any share, loan or general ledger account in any combination necessary to correct the transaction, but the total re-applied amount must equal the total amount reversed.
When you reverse financial loan activity by selecting R or M from the Action drop-down list on the Prior Day Loan Reversal tab, Portico will automatically transfer you to the Re-Apply Prior Day Loan Activity dialog box.
How do I? and Field Help
The following fields provide information about the loan and the original transaction.
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The loan note number. The description of the transaction determines the name of the group box. |
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The date the transaction was originally posted. |
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The effective date of the transaction. |
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The computer assigned-number associated with the transaction. |
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The code indicating the Portico Host transaction that occurred. |
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The transaction amount. |
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The portion of the loan payment that went to loan principal or the amount of the loan advance. |
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The portion of the loan payment that went to loan interest. |
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The portion of the loan payment that went to late charges due on the loan. |
The Amount to Re-Apply field contains the amount to be re-applied. The re-apply amount can be applied in total or combination to either a loan, share, or general ledger. For transactions reversed with an action code of 'R' on the Reversals - Prior Day Loan Reversals tab, this amount will be the funds from the selected transaction. Other activity that may be automatically reversed and re-applied will not appear in this field. For transactions reversed with an action code of 'M' on the Reversals - Prior Day Loan Reversals tab, this amount will be the total funds for all transactions being reversed. The amount to re-apply may be larger than the value displayed in the Transaction Amount field.
Complete the following steps to re-apply funds from a reversed financial transaction using the Re-Apply Prior Day Loan Activity dialog box.
- The Effective Date field will default to today's date. You can change the effective date by clicking the Effective Date down arrow to select a date from the pop-up calendar or entering a date in MM/DD/YYYY format (Keyword: ED). Dividend and interest calculations are based on this effective date. While future effective dating is not allowed on most transactions, you can specify a future effective date on some transactions.
- Use the Transaction Area grid to reapply funds to a member loan, share account, or GL Account:
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The member number receiving funds for re-applies to a loan or share account. This field will remain blank for re-applies to a general ledger. Length: 12 numeric |
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Click the down arrow to select share, loan or GL. |
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Click the down arrow to select the member share/share draft account or loan. |
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The general ledger number that will receive the funds. Length: 6 numeric |
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The branch number of the general ledger account. Only applicable if the reversed transaction is being re-applied to a general ledger. If no branch is entered, the teller's branch will be used. Length: 3 numeric |
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The amount re-applied to the account. Length: 12 numeric including decimal |
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The effective date of the re-applied transaction. If no date is entered in this field, the default effective date in the Re-Apply Effective Date field will be used. This effective date is required to re-apply transactions for activity reversed with an action code of 'M' on the Reversals - Prior Day Loan Reversals tab. |
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Select this check box to re-apply the amount to loan principal. Keyword: PA |
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Enter the specific message for each individual re-applied transaction. The message member will appear on the member's statement as well as in the member and general ledger history. If no message is entered, the default message RE-APPLIED ADJUSTMENT will be used. Length: 22 alphanumeric Keyword: SM |
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Indicates if any fee, late charge, interest, or principal paid input on the transaction was originally reported on a prior month's statement. When reapplying funds to the same member number and same note number where reversal option M was used, the Prior Stmt check box will need to be considered. If the principal, interest or late fees that will be applied in the re-applied loan payment have already been reported on a prior member statement, the check box should be selected. If the re-applied payment has never been reported on a prior statement, the check box should not be selected. The Prior Stmt check box determines if the statement-to-date totals are affected by the re-applied payment. If the check box is disabled (grayed-out) Portico will determine the appropriate direction. Keyword: PS |
The total amount reversed must equal the total amount reapplied. Any subsequent activity will automatically be reversed and reapplied to the loan. Click Add to add a new row to the Transaction Area allowing you to reapply funds to an additional account, loan or general ledger.
Click Submit to save your changes. Click Cancel to disregard your changes and close the dialog box.
The Prior Day GL Account field in the Reversal Options section on the Credit Union Profile - History/Reversals tab indicates the general ledger account used for all wash debits and credits during the prior day reversal process. For Teller Administration users, the Prior Day Product Code Description field indicates the product code used for all wash debits and credits during the prior day reversal process. The balance of these general ledger accounts should be zero.
- Prior Day Reversal Recap Information Report 817
- Prior Day Reversal Maintenance Information Report 818
The system will increase the Transfers/JV count and amount fields on the Balancing and Close tab for the teller performing the reversal.
If you reapply a transaction in error, you can reverse it using the Reversals - Prior Day Loan Reversal tab. A reapply to a share or general ledger must be reversed using manual procedures.
Portico Host: 818