Paid Out Functionality for Loan Book Applications

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The Finance Shop Release Notes

Helpstar 115717

A new option has been added to the Loan Book's Payments screen to pay out an application early.

From a Loan Book application follow these steps

Select Loan Contract, Payments.
Select the Payment # that you are paying out on.
Click the Pay Out button
Enter the Payment Ref and select the Date the payment was made.
Select the Payout Amount from either Actuarial, Rule of 78 or Manual. If you select Manual you can then enter the amount to pay out the loan.
If required enter any Notes against the payment.
Click on OK.

When you click ok all of the subsequent payments will be marked as received.

The Pay Out button will change to Reverse P/O

When a loan book application is paid out early the Contract Overview is updated;