Changing the amount of a Principal Payment 

Primary Department Supported: Accounting 

Description: Instructions for how to change the amount of a principal payment 

Super Powers Needed? - YES

Developer Support Needed? - NO

Context and Common Situations 

Used when the amount of principal payment needs to be corrected

Important Considerations & Best Practices:  

• Product Support can void and repost the payment, as long as the request comes from accounting. 
• Verify the effective date before posting the new payment.

Instructions 

To Correct a Principal Payment Amount: 

1. Void the existing payment

From LMS Menu:

1. Select Loans

2. Select Details: Locate and Open up Loan Details

3. Select Loan History

4. On the payment requested clicking into the line item

5. Mark the Void checkbox

6. save and close

2. Post a new Principal Payment with the new amount

From LMS Menu

1. Select Accounting

2. Select Post Payments

3. Click on "Post Payment"

• On the first screen:
  • Add the borrower organization
  • effective date
  • amount then hit submit
• On the Second Screen:
  • Open the dropdown for "Principal Loan" and select the correct loan number
  • Add the amount of the Principal Payment to the box for "Principal Amount" OR click the box that says "Add remaining amount".
  • Click Submit.

Validation and Troubleshooting:  

To Validate: 

• Go to the Loan History tab and verify the amount posted with the Principal transaction type matches the request.

Walkthrough: