Navigation:  GOLD Services > GOLD Services Screens > General Ledger Screen Group >

GL Account By Loan Type Screen

Navigation:  GOLD Services > GOLD Services Screens > General Ledger Screen Group >

GL Account By Loan Type Screen

Previous pageReturn to chapter overviewNext page  Print this Topic

Show/Hide Hidden Text

The G/L Account By Loan Type screen is used to set up General Ledger account numbers to be used with various loan transactions for each loan type. As transactions are processed, the system uses this screen to determine which G/L account number to post G/L debits or credits to. This is an administrative screen and access to it should be limited.

 

The following is an example of this screen, which can be found under either Loans > System Setup Screens or GOLD Services > General Ledger. The list view at the top-left of the screen displays loan types that have already been set up with G/L account numbers. If you select any of the loan types displayed in this table, you can make changes to any of the G/L account numbers for any of the transactions listed.

 

Click to enlarge.

Click to enlarge.

 

To set up or change G/L account numbers:

 

1.

In the list view, select the loan type you want to set up or change. If setting up a new loan type, click <Create New> and then enter the loan type number in the Code field and a basic description of the loan type in the Description field.

 

paperclipnote

Note: You should also enter the loan type on the Loans > System Setup Screens > Loan Product Types screen.

2.

Enter the selected loan type's appropriate G/L number for each transaction in the account number fields on this screen (see table below). As a G/L number is entered, it is compared to the accounts in the General Ledger system to verify that it is a valid G/L number. You do not need to enter G/L numbers for transactions your institution does not use. Parameter Substitutions may be used in place of sub-fields of the G/L Account Number. For example, typing "BR" in the branch portion of the G/L Account Number will automatically use the branch of the loan account number.

3.

When you are finished setting up the G/L numbers for that loan type, click the <Save Changes> button.

4.

Repeat steps 1-3 for each additional loan type you want to set up.

 

To create a new loan type record by copying a previous record:

 

If setting up a new loan type record, you may want to use a previously set up loan type record and then copy the G/L accounts to save time and reduce user errors.

 

1.

In the list view, select the loan type you want to use to copy a new record.

 

paperclipnote

Note: If setting up a new loan type record, it's a good practice to also set up the loan type on the Loans > System Setup Screens > Loan Product Types screen.

2.

Click <Copy to New>. The system will clear the Code field and show an error provider, indicating that the Code is require (see below):

 

codedescerroprov_glablt

3.

Enter the loan type number of the new loan type you are setting up in the Code field (Mnemonic: LYTYPC), followed by a description of that loan type in the Description field (Mnemonic: LYDSCR).

4.

For any of the G/L account numbers listed in the field, change or delete those that do not apply to this new loan type. Remember: Parameter Substitutions may be used in place of sub-fields of the G/L Account Number.

5.

Click <Save Changes>.

 

The transactions available for designating G/L numbers for the selected loan type are represented by the fields on this screen. These fields are as follows:

 

Field

Description

Bank Account (NSF Check/Allotment Pmt)

 

Mnemonic: LYGACT

This G/L account (normally posted to the bank account where non-sufficient checks are returned from) is used during the Non-Sufficient Funds Payment Reversal (tran code 2608-01) and the Allotment Payment (tran code 2600-12) transactions. The system will generate a G/L Credit (tran code 1810) by Journal In to this G/L account.

Payoff Underpayment

 

Mnemonic: LYGACT

Normally an income statement account, this G/L account is used during the Payoff transaction (tran code 580) and Pay-to-Zero (tran code 830) transactions to process underpayments and no check overpayments. See below for more information.

 

 

 

See also:

Over/Under Payments Report (FPSRP297)

Teller Journal Cleaning

 

Mnemonic: LYGACT

Normally called Teller Journal Clearing, this G/L account must be the same G/L account where online teller Journals In/Out post to. It is used during the loan Bulk Activity Payment (BAP) transaction (tran code 2600-16).  When the BAP is processed by a teller, the system will generate a G/L Credit (tran code 1810) to this G/L account for the total of the Cash In and Check In amounts, with the appropriate offsets to Cash In and Check In. If the teller specifies a Cash Out amount, a G/L Debit (tran code 1800) will also be posted to this G/L account. Cash In/Out and Check In totals will be properly updated with a single transaction apiece. Then the various payment transactions to the loan are processed by Journal In, clearing that Teller Journal Clearing G/L account. In order to offset the total of these Journal In amounts and balance the teller, each of the various payment transactions to the loan are offset by an automatic Journal Out (tran code 1811). This way the teller’s Journal In and Out totals will match exactly.

Sales Tax

 

Mnemonic: LYGACT

Normally a balance sheet account representing sales tax payable, this G/L account is used during the Sale of Security transaction (tran code 2510-06) to post a G/L Credit (tran code 1810) by Journal In, Check In, or Cash In for the amount entered in the Sales Tax field.

Loan Retraction/Reinstatement

 

Mnemonic: LYGACT

This G/L account must be the GTPC Check Clearing account, found in GOLDTrak PC Funding Rules 9000 and 9100 for all Rule Sets. It is used during the Loan Retraction (tran code 2800-01) and Loan Reinstatement (tran code 2800-00) transactions. See below for more information.

 

 

See also on the Web:

Section J.1, Loan Retraction and Loan Reinstatement Transactions, in GOLD Services on DocsOnWeb.

GTPC Checks Expensed

 

Mnemonic: LYGACT

Normally an income statement account, this G/L account is used during the Loan Retraction (tran code 2800-01) and Loan Reinstatement (tran code 2800-00) transactions (see above) to write off any checks from funding that the institution is willing to forgive. An example would be a fee check issued and mailed to the Department of Motor Vehicles that the institution chooses to write off instead of having the customer pay for it. See below for more information.

 

 

See also:

Loan Retraction/Reinstatement (see above)

 

See also on the Web:

Section J.1, Loan Retraction and Loan Reinstatement Transactions, in GOLD Services on DocsOnWeb.

Write-Off - Regular Loan/Charge Off

 

Mnemonic: LYGACT

Normally posted to an expense account or allowance for loan loss, these G/L accounts are used for loans with a loan general category code of 1-79 (regular loan) and during the following transactions:

 

Full Write-Off (tran code 2510-05)

Partial Write-Off (tran code 2510-00)

Judgment (tran code 2510-02)

 

Any of these transactions processed by a teller will automatically be followed with a system generated G/L Debit (tran code 1800) by Journal Out to this G/L account. Rarely, a judgment may be for more than the loan balance (a write-on) and requires a system-generated G/L Credit (tran code 1810) by Journal In to this G/L account.

Convert Precomputed Interest Income

 

Mnemonic: LYGACT

Normally the interest income account found in Loan Amount Field L-5 for simple interest-bearing loans (payment method 6), this G/L is used when a precomputed interest loan (payment method 3) is converted to a simple interest-bearing loan (payment method 6). The system will perform a G/L Credit (tran code 1810) by Journal In or a G/L Debit (tran code 1800) by Journal Out to this G/L account to amortize or unamortize interest income based on the As of Date of the convert transaction. See below for a list of where this conversion can be executed in CIM GOLD.

 

Pre-Payment Penalty or Minimum Interest

 

Mnemonic: LYGACT

Normally an income statement account, this G/L account is used during the Payoff transaction (tran code 580). The system will post a G/L Credit (tran code 1810) by Journal In, Check In, or Cash In for the Prepayment Penalty/Minimum Interest amount, if applicable. If there is a prepayment or minimum interest amount owed by the customer at the time of the loan's payoff, the amount will be found on the Adjustments tab of the Loans > Payoff screen during loan payoff.

Unearned Interest (Payoff/Force Place Ins)

 

Mnemonic: LYGACT

Normally the unearned interest balance sheet account found in Loan Amount Field L-5 on precomputed loans (payment method 3), this G/L account is for unearned interest due back to the customer during Payoff transaction (tran code 580), Force Place Insurance (tran code 2870-all modifiers), and Cancel Force Place Insurance (tran code 2890-all modifiers) transactions. The system will post a G/L Credit Correction (tran code 1810 correction) or a G/L Credit to decrease or increase the Unearned Interest account based on the As of Date of the transaction.

Loan Fee Penalty

 

Mnemonic: LYGACT

Normally an income statement account, this G/L account is used during the Payoff transaction (tran code 580). This is only used for GILA loans. If during payoff, the GILA 5 percent refund is due back to the customer, the system will post a G/L Credit Correction (tran code 1810 Correction) by Journal In, Check In, or Cash In to debit this G/L account for that amount.

Collection Fee

 

Mnemonic: LYGACT

Normally an income statement account, this G/L account is used during the Agency Payment transaction (tran code 2600-10) to record the fee charged by a third party for receiving a payment. The system will post a G/L Credit Correction (1810 Tran Code) by Journal In, Check In, or Cash In to debit this G/L account for the amount entered by the teller in the Collection Fee field.

Deferment Charge Rebate/Extension Fee

 

Mnemonic: LYGACT

Normally an income statement account, this G/L account is used during the Deferment By Code transaction (tran code 2600-13), and sometimes during Payoff (Payoff transaction (tran code 580)). to recognize or rebate deferment income. See below for information about how this transaction posts.

 

 

See also:

EZPay > Payment Submission Process > Deferments

Payoff Overpayment

 

Mnemonic: LYGACT

Normally a balance sheet clearing account, this G/L account is used during the (Payoff transaction (tran code 580)),Pay to Zero (tran code 830), Loan Retraction (tran code 2800-01), and Loan Reinstatement (tran code 2800-00) transactions and represents an overpayment check amount. See below for more information.

 

Maintenance Fee Receivable

 

Mnemonic: LYGACT

This is the G/L account number that received any maintenance fees involved for a loan. You need to set up the different maintenance fees using the GOLD Services > General Ledger > Amortization Descriptions screen, and then apply those fees to individual loans using the Loans > Account Information > Amortizing Fees And Costs screen. Maintenance fees earned will be deposited into the G/L account number you enter in this field.

EZPay Fee

 

Mnemonic: LYGACT

This G/L account is used when fees are assessed when making payments through the web, EZPay in CIM GOLD, or GOLDPhone. Different fee amounts can be assessed for different payment methods depending on options set up for your institution. See Payment Submission Process and Fees topics in EZPay help.

 

Note: If institution option EGPO option is set, the system does not use this G/L account. Instead, it uses the G/L account connected to the Office Number of the account on the GOLD Services > Office Information screen > G/L Accounts tab. The G/L account is entered in the ACH Fee field or the Credit/Debit Card Fee field for those specific payment types. See the help on that screen for more information.

EZPay Offset

 

Mnemonic: LYGACT

Enter the G/L account that will be used for the EZPay fee offset in this field for this Loan Type.  

 

Note: If institution option EGPO option is set, the system does not use this G/L account. Instead, it uses the G/L account connected to the Office Number of the account on the GOLD Services > Office Information screen > G/L Accounts tab. The G/L account is entered in the ACH Offset field or the Credit/Debit Card Offset field for those specific payment types. See the help on that screen for more information.

Deferment Fee

 

Mnemonic: LYGACT

This field is used primarily with the holiday deferment, which can sometimes be different from the Deferment Charge Rebate/Extension Fee field (see above) on this screen. Holiday deferments are made through the Loans > Transactions > EZPay screen. Not all institutions offer holiday deferments. See EZPay > Payment Submission Process > Deferments in the EZPay help for more information.

UCC Release Fee

 

Mnemonic: LYGACT

This is the G/L account number used when collecting the UCC release fee, which is collected either at loan closing or when the loan is paid off. UCC release fees are determined by the state in which you do business and are set up at loan origination. For card loans, if you increase principal and interest (or decrease principal and interest), the UCC release fee may be collected. See below for information about related transactions.

 

Write-Off - Repossession

 

Mnemonic: LYGACT

This is the General Ledger account used for offsetting the Partial Repossessed Write-Off transaction (tran code 2510-08).

Dealer Recapture

 

Mnemonic: LYGACT

This is the General Ledger account number if your institution recaptures dealer reserves and the reserve is debited into this account (tran code 1800). This is the account number from which the funds will be deposited. See below for more information.

 

Dealer Recapture Offset

 

Mnemonic: LYGACT

This is the General Ledger account number if your institution recaptures dealer reserves and the reserve is credited back to the dealer (tran code 1810). This is the account number from which the funds will be drawn. See Dealer Recapture above for more information.

Insurance Claim Offset

 

Mnemonic: LYGACT

This is the General Ledger account number used by your institution for the offset amount from the transactions explained below.

 

Unearned/Interest Investor Contra, Investor Clearing

 

Mnemonic: LYGACT

For those institutions that have precomputed loans that are sold to another company, we have an institution option (OPT5 SCRT (Use Securitization)) that allows the system to post to additional General Ledger accounts when running a (Payoff transaction (tran code 580)), Death Claim Payment (tran code 2600-06), or Convert Precomputed to Interest Bearing (tran code 510) transaction.

 

The transactions post to the same General Ledger accounts as they currently do; however, additional transactions are also run to debit or credit three new General Ledger accounts. The three new General Ledger account fields are Unearned Investor Contra, Interest Investor Contra, and Investor Clearing. See below for more information.

 

Late Charge Adjustment

 

Mnemonic: LYGACT

Use this field to indicate the G/L account the system uses to pull late charges credited back to the customer at payoff. This usually occurs when a payoff is backdated to a date before the late charges were assessed.

 

See help for the Adjustments tab of the Loans > Payoff screen for more information about payoff adjustments.

 

See also:

General Ledger Autopost Overview

 

tiplightbulb

Record Identification: The fields on this screen are stored in the FPLY record (Loan Type Descriptions). You can run reports for this record through GOLDMiner or GOLDWriter. See FPLY in the Mnemonic Dictionary for a list of all available fields in this record. Also see field descriptions in this help manual for mnemonics to include in reports.

 

hmtoggle_arrow1Security

©2020 GOLDPoint Systems. All rights reserved.