Reverse Loan Payment
These steps explain how to reverse a loan payment the following day in cases of returned checks or NSF (insufficient funds) ACH drafts.
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Prior to performing the steps below, you will need to:
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Increase the loan disbursement amount if the payment you are reversing was the first loan payment.
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Find out the interest amount that was posted with the loan payment.
NOTE: These instructions should be used for reversing prior day activity only.
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Launch Tool #492 Member Account Adjustment (Full).
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Enter the account number and loan suffix on the Member Account Adjustment pop-up.
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Click the forward arrow.
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Enter "95" (Debit/Reverse Payment) in the first row of the Type column on the Member Account Adjustment screen.
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Enter the total amount of the payment being reversed in the Amount column.
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Enter a transaction description in the Description column.
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In the Interest column, enter the interest amount that was posted with the payment.
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Enter the appropriate GL account number in the GL # column.
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Enter "1" for the branch in the Location column.
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Click Post.