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Add Loan Transactions and Charges

Primary Department Supported: Processing, Operations, Accounting

Description: How to add Charges and Fees (ie. Transactions) To a loan in LMS 

Super Powers Needed? - YES

Developer Support Needed? - NO

Common Situations

Most Regular Requests to add charges come in from

  • Operations/Processing: Ask us to add fees/ charges to a Lost Loan 

  • Accounting: Ask for refunds to be added to loans

  • Treasury/Accounting: Will request or approve a True-Up Charge be added to a loan

Important Considerations & Best Practices

  • Before adding any transaction, you should know/have the following details:

    • Transaction Details: Transaction Type & Transaction Category
    • Amount: Is this a positive or negative amount
    • Dates: Due Date & Effective Date (usually the same)
    • Expect Pay and Add to Loan Balance Flags:
      • Expect Pay: (Check box if the borrower is expected to pay this amount).
      • Add to Loan Balance: (Check the box if the amount should increase the borrower's loan balance.)
  • Requests coming from non-accounting team members: Loop in and get approval from accounting leadership for any requests where the effective date is not for the same day
Instructions:

To Add Loan Transactions:

From the LMS Menu:

  1. Select Accounting
  2. Select Loan Transactions
  3. Turn on Super Powers
  4. Click Add
  5. Complete all required fields:
    1. Enter the Loan Number (Borrower Organization should auto-populate)
    2. Select the Transaction Type and Transaction Category.
    3. Enter the Transaction Amount.
    4. Input the Due Date and Effective Date (usually these dates are the same)
    5. Mark Expect Pay and Add to Loan Balance as appropriate.
  6. Click Save and Close.

Add Transaction To Loan 1

Add Transaction To Loan 2

 

Validation and Troubleshooting
  • Validate the transaction by reviewing: Loan History, or The Loan Transactions Table
  • Borrower Organization not populating?
    • Re‑enter the Loan Number and verify the loan is active
    • Send a request to the developers as needed to review the Loan’s Borrower Organization ID connections
  • Added the Wrong transaction category or forgot Expect Pay Add to Loan Balance Flags?
    • In the Loan History, turn on Super Powers, click into the charge and correct information
  • Can’t find the exact transaction name or category requested?
    • Review or confirm the available options with the ticket requester to make sure you select the correct replacement