Waiver Function - Introduction

Due to the intense competition amongst banks or financial institutions nowadays, very often borrowers will request for waiver of charges or fees or some advance item amount, or charges or fees or advances amount to be imposed at a lower value.

As such, this function will come in handy to allow user to maintain the outstanding item amount to be waived at the respective borrower’s credit facility account.

The related GL accounts that are requires to be pre-set up for this function, are as follows:-

  • Credit facility account (the debtor GL account by credit facility product)

  • Credit product charges or fees, or advances charged (the charge, or fees, or advances GL account by credit facility product)

  • Credit facility income (the fees and charges that will be treated as income by the credit facility product)

  • Journal GL account to 'expense out' the advance item amount

  • Related Currency Journal Clearing GL account (the intermodule journal clearing GL between Common Business Services area and Loans area)