Process Write Off Function - Introduction

When a bank or a financial institution cannot recover the non-performing credit facility outstanding, despite various means of attempts including legal actions, such bad credit will most likely be written off from their books of accounts (Balance Sheet).

Some basis examples of delinquent credit facility accounts that will be selected for write off, are as follows:-

  • Account has more than a certain month in arrears, e.g., for almost 7 years.

  • Account still have some small balance outstanding, that can be treated as loss.

Upon identifying the credit facility accounts to be written off, this function will come in handy to allow users (of different departments) to do the following:-

  1. Create a batch of accounts to be written off. (By Asset Management User)

  2. Amend batch details, add and remove accounts extracted in a batch, for write off, and then send for approval.(By Asset Management User)

  3. Perform approval to either approve the batch of accounts for write off, or to send the batch of accounts to be reworked.(By Finance User)

  4. View and generate report of the batch of accounts in the following task stages:-

    • WIP (By Asset Management User)

    • Pending Approval .(By Finance User)

    • Submitted Batch (By Asset Management User)

This function allows one batch to be processed and completed before another batch of accounts can be created, otherwise error message will be prompted.