Repayment Transaction - Introduction
The screen of this transaction will be displayed once user has selected the transaction code = '01000 - Repayment' at the 'Front Desk' function (via the 'New Account Transaction' option).
This transaction function basically allows user (usually the tellers) to collect fund from borrower for the following purposes:-
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To pay the outstanding scheduled credit facility repayment amount.
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To pay the outstanding credit facility transaction’s incurred service charges amount, if applicable.
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To pay the outstanding credit facility transaction’s incurred tax amount (e.g., the Goods and Services tax), if applicable.
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To pay the other types of credit outstanding item amount (e.g., other advances items or fees like 'ADM - Administration Fees', 'LGL - Legal Fees' and ' INS - Insurance Fees'), and the other credit items (e.g., 'EX1 - Excess from STD payment source').
This transaction function will auto spread the fund received in the transaction by knocking off the each related outstanding credit repayment item amount owing, following the repayment item priority setting pre-maintained at the 'Repayment Priority Scheme Maintenance' function.
However, in the case of advance payment (also known as excess payment), e.g., there is still a remaining amount after all outstanding items have been fully paid, then system will apply the option chosen upon installment, i.e. apply to future payment records created or keep the extra in the advance payment account.
Nonetheless, this transaction function allows user to overwrite the auto spread amount of funds received for the various outstanding items in the selected credit facility account.
This function also allows users to perform repayment collection for other branches (inter-branch transaction). However, the access rights to do is dependent on the related security settings pre-maintained in the system.
Related daily transaction accounting entries will be raised upon each end-of-day (EOD) periodic process.