Navigation:  Loans > Loan Screens > Transactions Screen Group > Make Loan Payment Screen > Payment Selection field group > No Advance Payment

Click the No Advance Payment radio button in the Payment Selection field group to process a No Advance Payment transaction (tran code 2600-09).

 

This transaction works similarly to a Regular Payment transaction (tran code 600), but it does not roll the Due Date or increment the Installments Made or Current Installment Number field. (Funds are posted to the loan based on the Payment Application code.)

 

Why would someone use this transaction?

 

This is a good transaction to use if a full payment has already been made for the frequency, and the borrower would like to make another payment. Or perhaps a borrower brings in a payment so large that it would roll the Due Date two or more times. Well, you could break up that payment and make one regular payment, then use this transaction to take the remaining amount that will not roll the Due Date.

 

Example: Bill has a regular loan payment of $100. He brings in $500 for his payment, but he doesn't want the remaining amount to keep rolling the Due Date. He likes having a monthly reminder to make his payment, and the Notifications system is set up to send him a text five days before the Due Date to remind him to make a payment. If the Due Date were advanced for five whole months, he wouldn't get those monthly reminders. He wants to continue to make those regular, monthly payments. So here's what you'd do as the teller:

 

1.Run a Regular Payment transaction (tran code 600) for the regular payment amount of $100.

2.Now run a No Advance Payment transaction (tran code 2600-09) for the remaining amount of $400.

3.The system will process the first transaction (Regular Payment) and advance the Due Date and apply all funds according to the Payment Application (first fees, then interest, then principal).

4.With the second payment, No Advance Payment, the system will apply any more outstanding late charges or fees (if the first payment didn't cover them all), but then any remaining amount all goes toward paying down the Principal Balance. The Due Date and Installment will not advance with this payment, and the next regular payment will still be due next month.

 

How to run the No Advance Transaction?

 

You should run the No Advance transaction through the Make Loan Payment screen (under Loans > Transactions) by selecting the No Advance Payment radio button, as shown below:

 

 

After you enter all the applicable fields on that screen and click <OK>, CIM GOLDTeller will then open with the No Advance Payment transaction displayed and all the applicable fields entered. Click <Send> on the GOLDTeller transaction.

 

 

 

The No Advance Payment Transaction in CIM GOLDTeller is shown below:

 

 

The history description for this transaction is "No Advance Pymt."

 

Corrections

 

If you need to make a correction to the No Advance Payment, you can bring up the transaction, but when the transaction box appears, check the Correction box. If you want to assess a non-sufficient funds fee at the same time as the corrected transaction, check the Y/n Field 1 box (renamed to "Assess NSF Fee"). For example, a customer made a payment with a check. The check later bounces due to insufficient funds. You would need to correct the No Advance Payment transaction and assess a non-sufficient-funds fee at the same time.

 

 

Once you click on the corrected No Advance Payment transaction, the system reverses the transaction and assesses the non-sufficient funds fee. The amount of the fee assessed is pulled from the Loans > Account Information > Account Detail screen > Late/NSF tab > NSF Fields. The NSF fee will be displayed in the Miscellaneous Fees field group on the Marketing and Collections screen, as shown below:

 

 

 

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See also:

Payment Selection field group.