Void Interest Reserve Payment

Primary Department Supported: Accounting 

Description: Instructions for reviewing requests that involve voiding interest reserve payments, and how to send to developers 

Super Powers Needed? - NO 

Developer Support Needed? - YES 

Common Situations 

Not seen often but occasionally a request is made to void an Interest Reserve Payment

• Interest Reserve was utilized when it shouldn't have been

• System Error or User Error resulted in a duplicate payment

Important Considerations & Best Practices 

• Confirm the following with the ticket requester and add accounting and treasury to the email:
  • Should all or part of the funds from the void be added back to the Current Interest Reserve Balance?
  • Is there a need or plan to post another IR payment to replace the voided one
• For Requests coming from outside the accounting department:
  • Always loop in accounting and treasury for visibility so they can review and confirm information
  • Requests to void any payments posted in previous day or month: Get approval from accounting leadership (Helen Yoon, Richa Pandey, Megan McKell, Lisa Aplin) and treasury leadership (Lisa Kraynak) before proceeding

Instructions 

To have an interest Reserve Payment Voided: Submit a task to the developers with: 

Asana Task Guidelines:

1. Task Name (should match the name of the HubSpot Ticket): An easy way to name the ticket for identification (include loan number or numbers when applicable)

   1. Tip: Change the Name of the HubSpot Ticket before marking it for Dev Support

2. Developer Description: Where/What: Specific instructions ask the developer for exactly what is needed and should always include screenshots of exactly what items you are referring to

3. Repro/Pathaway: Step by step instructions for the developers to get to the section in LMS where the changes are to be completed.

NOTE: There should always be URLs included in the description or in the Repro/Pathway that direct the developers to the correct location in LMS