Loans > Loan Screens > Account Information Screen Group > Amortizing Fees And Costs Screen

The following fields are located in the General Ledger Information field group on the Amortizing Fees and Costs screen. These fields will provide a way to post amortized fees and costs to the General Ledger on a monthly basis.

laiafc_generalledger

The fields in this field group are as follows:

Field

Description

Remaining

Mnemonic: F1GREM

This field is calculated. It displays the remaining amount of the Original fee/cost that has yet to be paid by the borrowers as of today's date. This field is calculated according to the G/L Amortization Method set up for this fee or cost code. This field is not file maintainable.

Earned

Mnemonic: N/A

This field is calculated. It displays the amount of the fee or cost that has been earned by your institution as this borrower makes his or her monthly loan payments including any amortized fees or costs included in the loan payment.

This field is calculated as follows: Original amount - Remaining (see above) = G/L Earned

The 451 mod 1 transaction is used by the afterhours to amortize the fee. This transaction is not available in GOLDTeller. Afterhours function 87 must be set to run at monthend to allow the fee to amortize correctly.

Last Amortized

Mnemonic: F1FDLA

This is the date the fee was last amortized to the General Ledger. It is updated each time the amortization is processed, which is usually in the afterhours at monthend. It is an information only field and has no bearing on the amortization.

See also: Amortization Methods

Amortization Method

Mnemonic: F1GMET

This is the amortization method used to calculate the amount of fees or costs earned by your institution and sent to the General Ledger. These methods determine how much is amortized into the General Ledger each month. This amortization method can be different from the amortization method used when calculating the fee refund amount in the case of early payoff or cancellation (which is set up on the Amortization Method field in the Fee/Cost Information field group). When an account owner pays off the loan, the difference between what is refunded to the borrower and what has amortized to the General Ledger is finalized (a G/L transaction is run to account for the difference).

The G/L account associated with the amortization of this fee or cost is set up when the fee or cost is created using the Loans > System Setup Screens > Amortization Descriptions screen.