Teller System > Transactions > Loan Transactions > Loan Transaction Codes

Allotment payments are payments automatically deducted from military paychecks and sent to your institution for loan payments. These transactions are run similarly to a regular payment.

The Allotment Payment transaction box is shown below:

The biggest reason to use this transaction is that "Allotment Payment" will be reflected in Loans > History. This will help tellers and auditors know that the payment came from an allotment payment.

This transaction will check to see if the amount of the payment is greater than the payoff amount. If so, the message "REFUNDS COULD CLOSE LOAN/SEE PAYOFF" is displayed.

The main difference between this allotment payment transaction and the other allotment payment (tran code 2600-19) is which G/L account the system uses to debit the payment amount. For this transaction, the system uses the G/L account for the Loan Type in the Bank Account (NSF Check/Allotment Pmt) field on the GOLD Services > General Ledger > GL Account By Loan Type screen. See the other allotment payment for information about which G/L account is used for that transaction.

If after processing this transaction you receive the following error message:

"G/L ACCT NNNNNNN MISSING/CLOSED"

You need to check to make sure a valid G/L account is in the Bank Account (NSF Check/Allotment Pmt) field on the G/L Account By Loan Type screen for the applicable loan type. Loan Types are designated at origination and can be viewed on the Loans > Account Information > Account Detail screen > Account tab. See the example below of where to check for a valid G/L account:

GOLD Services > General Ledger > GL Account By Loan Type Screen