Log a Charge
Your company may add additional charges to customer accounts for any number of reasons. This article goes over logging a charge on an account. This article will not cover automatic late fees, recurring charges, or change due date charges.
There are a lot of options for charges that affect their impact on a loan.
How a Charge Comes Due
In the advanced configuration of the loan setup, there is an option to choose whether charges are due if they occur within the current or a past payment period, or if the due date of the charge is today or a previous date. The Application option on the charge itself, lets you specify if the charge will come due immediately or only when the loan is paid off.
The Include In Past Due Calculation option lets you choose if the charge will count towards the delinquency of a loan.
The Interest Bearing setting lets you choose to have interest accrue on the charge amount.
To log a charge on an account, navigate to Servicing > Charges inside a customer account.
You can enter the following data for a new charge:
- Amount – The amount that will be charged.
- Application Date – This is the date the charge will apply on the account.
- Type – The type of charge. The list of charge types can be customized at Settings > Loan > Charges > Types in your company account.
- Info – This is a field where you can enter any additional charge info.
- Application – This selection determines when the charge will come due. The options are:
- Standard – The charge will come due on the Application Date (or on the first day of the payment period it falls into depending on your Fees Paid By setting on the account)
- Payoff – The charge must be paid in order to pay off the loan, but won’t be due before then.
- Interest Bearing – This selection will determine whether interest will accrue on the charge. The standard is not to accrue interest on charges.
- Include In Past Due Calculation - You can choose whether to include a charge in the days and amount past due calculation. These charges will still come due like other charges, they simply won't factor in to the customer being past due.