Rules Applied – Credits

General

You can use  rules applied to automatically add credits to your accounts.  Credits rules applied will add a credit to an account when the account qualifies for a specified rule.  This article is intended to supplement the information found in  rules applied.

Overview

Credits rules applied can be found in Settings > Loan > Rules Applied > Credits

You have three options for each existing rule application.  They are represented by icons as follows:

  •   subscriptions Enroll All Loans – When clicked, all loans will be enrolled for this rule.
  •   edit Edit – Clicking this will let you edit the rule application.
  •   delete Delete – This will delete the rule application.
You can add a new rule by clicking .

Other than the standard rule creation fields explained in  rules applied, You have the following options:

  • Credit Type – Choose the waterfall application with which the credit will be applied to an account. A list of all Credit Type/ Payment Type options and there applications available for your company can be found in Settings > Loan > Payment > Type.
  • Amount – This is the amount for which the credit will be applied. This field may be populated with a dynamic amount (chosen from the dropdown menu) plus or minus a static amount. If the credit amount is meant to be only a static value, then Amount must be set to "Base Zero" with the static amount filled in for the numeric value.
  • Credit Category – This is the category to which the credit will be assigned once it has been created on an account. You may create new Credit Categories in Settings > Loan > Labeling > Credit Categories
  • Charge Off – This field lets you choose whether or not the credit will be applied as a Credit or a Charge Off. Select "Yes" to apply the credit as a charge off. Applying the credit as a charge off will have credit reporting consequences.
  • Reset Days & Amount Past Due – This field lets you choose to reset the days and amount past due on an account once the credit is applied. If this field is set to yes, the days and amount past due on an account will be reset the day that the credit is applied.
  • Info – This will be the Title of the credit once it has been created on an account.
  • Date – This is the date on which the credit will be applied. The numeric value next to the date selection is the amount of days that will be added or subtracted to the date selection. For example, if the date selection is Current Date and the numeric value is set to five, then the credit apply date will be the current date plus five days.


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