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Correcting CC Payments - Voiding Charges and Reposting Payments 

Primary Department Supported: Accounting 

Description: How to void a principal charge from the Loan History and repost the corresponding payments 

Super Powers Needed? - YES 

Developer Support? - NO 

 

Context and Common Situations 

  • Accounting may request a principal charge to be voided because funds paid in the Credit Card Portal, get applied incorrectly and with the wrong labels.  

What Happened? – Instead of making interest payment and linking the payment to the existing interest charges, LMS added new charges on the Loan History called a Principal Charge. LMS then took the funds and applied payments to the Principal Charges.  

  • Product Support needs to void both the Charge and the Payment Linked to it. THEN Product Support will apply the funds to the correct charge.  

 

Important Considerations & Best Practices 

  • The label/ payment type linked to a Principal Charge are usually incorrect. Refer to the ticket itself to know what the payment was intended for 
  • Example: Principal Charge for $1,000 and a Price Lock Deposit Payment for $1,000 linked to the Principal Charge: Price Lock Deposit is the incorrect payment type: This should have been a payment type of interest payment.  
  • When updating the transaction type on the Principal Charge, match the charge type to the payment it was INTENDED to be for.  
  • Example: A Principal Charge was created because the funds were supposed to pay an interest payment: Change the Principal Charge Transaction Type to read “Interest – Interest” 

 

Instructions  

To Void and Fix a Principal Charge and Repost the Payments: 

  1. Void the Loan Payment 

From the LMS Menu, select: 

  1. Loans → Loan Details → Loan History 
  2. Turn on Super Powers 
  3. Locate the payment created that matches and is linked to the principal charge 
  4. Click to open the details 
  5. Checkmark the box that says “Void” 
  6. Click Save and Close 
  7. *there are screenshots and a video walkthrough in the Loan Payments - Voiding a Loan Payment article*
  8. Void the Principal Charge

From the LMS Menu 

  1. Loans → Loan Details → Loan History 
  2. Turn on Super Powers. 
  3. Select the charge referenced in the support ticket. 
  4. In the transaction type and category dropdowns, change the Transaction Type and Category to match the payment type it was INTENDED to be for.  
  5. For example: If the intention of the payment was to pay interest: Change the Transaction from “Fee - Principal Charge” to “Interest – Interest” 
  6. In the Notes field, enter: “Original Charge Type: Principal Charge – Invalid Transaction Type.” 
  7. Checkmark the Void box. 
  8. Click Save and Close. 

  1. Repost the Loan Payment to the correct charge

From LMS Menu: 

  1. Select Accounting > Post Payments 
  2. Click the box "Post Payment" 
  3. Fill in the following: 
  4. Mark the “Portal” option at the top 
  5. Select/Enter Borrower Name 
  6. Received Date (this should come from the requester) 
  7. Fill in Received Amount 
  8. Click Submit 

on the next page 

  1. check mark the box or boxes next to the item that needs paid 
  2. Save and Close 

*there is screenshots and a video walkthrough of this in the Post Loan Payment – Adding Out of Pocket Payments article*