Since flooring loans are a business to business loan, the schedule of curtailments is often non-standard. The curtailment dates setup tool lets you update the curtailment dates for the loan, including curtailment dates that were entered as a part of the loan setup.
Updating Curtailment Dates
To update loan curtailments, navigate to Account Setup > Setup Tools > Curtailment Dates inside a specific loan.
To add a curtailment date, click 'Add'. You can either choose to create a new curtailment date or a curtailment date template. Click ' New Curtailment Date'.
In the curtailment date box, you can enter a date for the next curtailment and either an amount or a percentage of the loan amount that will come due on the date you enter. There are shortcuts you can click to help you enter dates that are 30, 45, 60, or 90 days after the previous curtailment.
Click 'Save' once you’ve entered all the information.
The options to the right of the curtailments allow you to either edit or delete them.
You also have the ability to add curtailment templates in Setup Tools. Click 'Add' and then 'Curtailment Date Template' to select a specific template.
Select the template you want and then click 'Save'.