Loans > Loan Screens > Transactions Screen Group > Make Loan Payment Screen > Payment Selection field group

Click the Agency Payment radio button in the Payment Selection field group to process an Agency Payment transaction (tran code 2600-10).

This transaction performs a payment on a loan in which a collection agency received the full payment. This transaction provides a way to run the payment received from the collection agency if they subtract their fee prior to sending it to your company. You can run the transaction when a fee is not subtracted, entering the full payment amount. If the collection agency sends the payment less their fee, run the transaction as described. The full payment amount should be placed in the Tran Amount field; the fee amount charged by the collection agency should be entered in the Collection Fee field; and the remaining check amount should be entered in either the Check In or Cash In fields.

If the transaction is run without a fee, follow the same procedure as above, only place the full payment amount in the Check In or Cash In fields and leave the Collection Fee field blank.

Note: This transaction always posts funds in the following order: principal balance, interest, then either late charges or loan miscellaneous fees, depending on the order they are deferred in the Payment Application field on the Loans > Account Information > Account Detail screen.

The remaining funds must be either cash or check. The transaction does not process mixed cash and check amounts.

This transaction is different from the Collection Payment transaction (tran code 2600-02) because this transaction does not increase the principal balance by the fee amount.

You can run this transaction without requiring a fee. Just enter "0.00" in the Collection Fee field or leave it blank.

After you enter information in the fields in the Transaction Information field group and click <OK>, CIM GOLDTeller launches with the Agency Payment transaction displayed, as shown below:

agencypmt_lmlps

The transaction posts the transaction amount to the loan. The collection fee is debited to the General Ledger account specified in the Collection Fee field on the GOLD Services > General Ledger > G/L Account By Loan Type screen in CIM GOLD.

Example:

A collection agency collects a $100.00 payment and charges a $25.00 fee. Then $75.00 is sent to the institution. The Agency Payment transaction should be run with $100.00 in the Tran Amount field, $25.00 in the Collection Fee Amt field, and $75.00 in either the Check In or Check Out fields. Consequently, $100.00 will be posted to the loan, and $25.00 will be debited to the General Ledger account.