Navigation:  GOLD Services Screens > General Ledger Screen Group > GL Account By Loan Type Screen > Payoff Overpayment

Entry: System, numeric

F/M: No

Mnemonic: N/A

Screen: Loans > System Setup Screen > G/L Account By Loan Type screen

 

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.

 

An overpayment situation exists when a payment received exceeds the amount of the loan payoff or pay-to-zero amount. If the payment amount minus the loan payoff or pay-to-zero amount is greater than or equal to the minimum overpayment check amount (as defined in institution option OVCK- Minimum Check Amount for Overpayment), the system will automatically post a G/L Credit (tran code 1810) by Journal In, Check In, or Cash In to this G/L with a description of "Overpayment." Immediately thereafter, an automatic G/L Debit (tran code 1800) by Check Out is processed against this clearing account for the total amount of the overpayment, thus leaving this clearing account at zero balance.