Funding with a Physical Check
Updated 6 months ago
Introduction
LoanPro's Loan Management System (LMS) offers users the ability to fund loans with physical checks. In this article, we explain the process of creating and printing each physical check within the LMS UI, but you can also print checks via the API. This topic requires some background knowledge of source companies, so make sure to take a look at some of our Source Company articles if needed.
Setup
Before you can begin printing physical checks, you will need to ensure a few preliminary tasks have been taken care of. (This is where your knowledge of source companies will come in handy.) Funding with a physical check is achieved through a source company cash drawer. As such, the source company that will be funding the check needs to be set up. Once you have selected the Source Company that will be funding the check, you will need to fill out the Physical Check Funding Account information located under the INFO tab of the individual Source Company page.
As seen above, the Physical Check Funding Account settings includes multiple settings. Here, you can input check information. You can also upload logo and signature images on this page, and these images will be printed on your checks.
Next, the user who is creating the check needs to be assigned to both the source company and a cash drawer. To do so, navigate to the EMPLOYEES tab of your selected source company; here, you can determine which users are assigned as employees to the source company. Once on the EMPLOYEES tab, simply select 'Manage Users' to add or remove users as source company employees.
Once the user is set as an employee, they can be assigned to a cash drawer. Head to the CASH DRAWERS tab on the source company page. Here, you can see the available cash drawers. If your source company does not already have a cash drawer set up, our Source Company – Cash Drawers and the Vault article explains how to do so. Next, assign the agent user to the cash drawer they'll be working from. Select the edit button, highlighted in red in the image below.
Simply add the desired user, and you're ready to create physical checks.
Creating a Physical Check
To create a physical check, begin by navigating to the loan receiving funding via the loan manager. Once you are on the Loan Summary page of your selected loan, use the animation below as a reference to navigate to the enhanced funding tab of the loan page.
As the animation above illustrates, select Loan Summary > Account Setup > Setup Tools > then Enhanced Funding from the dropdown menu.
The Enhanced Funding page shows the funding history of the loan. Here, you can see each transaction as well as the total amount that's been funded. To create a new physical check, click the 'New Fund' button located in the bottom right corner of the screen, then select 'Customer'.
The New Funding page provides different options for sources of funding. In the case of funding through a physical check, select 'Print Check' from the Funding Method dropdown menu. Doing so will display a preview check. Notice that the check information is comprised of the information you set on the page for the Source Company. Here, you simply need to select which customer the check will be made out to, the amount, and the category. Once you are finished, click 'Next' to review and confirm the transaction information.
Once you have confirmed your transaction information, you will be redirected back to the Enhanced Funding page. Your check has now been created.
Printing a Physical Check
To print your check, scroll down on the Enhanced Funding page; scrolling down on this page allows you to see the history of funding for the loan account. Locate the funding instance that involves your physical check and select it to expand. Select 'Download PDF' to have a printable .PDF file created. Once downloaded, your printed check and receipt will look similar to the example shown below.
As a security measure, once your physical check PDF is generated once, it cannot be generated again. In other words, each physical check can only be printed one time, so it's important to plan accordingly. Once a physical check PDF has been generated, a tooltip will display who generated the check as well as the date and time. Simply hover over the 'Download PDF' icon to see this information.
