Teller Posting - Override Payment Matrix

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Override Payment Matrix


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This screen appears when you use the Override Payment Matrix processing code (“X”) on the Teller Posting screen.

The Override Payment Matrix feature lets a teller override the normal payment matrix on a loan account and post the payment according to the situation. This is often used when handling payments on lease loans, but can apply in other situations as well. (For more information on handling lease loans, see the booklet, CU*BASE Tools for Working With Lease Loans.) (NOTE: A PDF version of this booklet will open.)

·NOTE: For mortgage loans that use the 360-day interest calculation type, this proc code is not necessary if you simply wish to apply extra funds to principal while posting a regular payment. The normal interactive messages that appear will allow you to do that without any Proc Code. However, you should use this Proc Code when you need to apply extra funds to pay outstanding delinquency fines. This is because the system assumes that any amount that is higher than a regular payment will be applied toward principal, not outstanding fines. Also refer to the 360-Interest Calculation booklet for more details. (NOTE: A PDF version of this booklet will open.)

The system displays how the payment is going to be credited (principal, interest due, sales tax, fines, etc.), and adjustments can be made to all of the “bucket” totals. Sales tax payment can be waived, Misc. G/L allowances can be adjusted for penalties, and fines can even be waived or modified according to credit union policy.

Use the Amount field to enter the appropriate amounts to be distributed (the items listed will vary depending on the loan category). The total funds distributed must equal the amount of the payment being made. Use Enter to record the payment matrix and exit the window.

·For example, if a final lease payment is being made and sales tax is NOT to be paid on the final payment, the amount shown for the Misc. G/L (sales tax) would be cleared and added to the Principal amount. When posted, no sales tax would be designated for the G/L account and all funds would go toward paying off the loan.