Fees Paid By

General

Fees paid by is a selection that will let you choose how payments apply to fees on a loan. This selection is made in the Advanced Configuration section of Setup Terms.

Date

If you select Date, payments will apply only to fees that came due on the loan on or before the date a payment applies.

Notice that even though the fee came due the day after a payment was made, since it wasn’t on or before the payment date, the payment has no application to fees.

Period

This option will apply a payment to any fees that came due before the payment was made and any fees assessed in the same payment period.

Here you will see that even though the fee came due after the payment was made, since it came due in the same payment period the payment still applies to the fee.


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