Payment Reversal Screen |
  
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Navigation: Loans > Loan Screens > Transactions Screen Group >
Payment Reversal Screen |
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Note: As of CIM GOLD version 7.9.3, a new screen (Loans > Transactions > Payment Adjustment) is available to use for reversing transactions. If your institution is using a compatible version of CIM GOLD, GOLDPoint System recommends using the new screen rather than this one. |
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Use this screen to reverse multiple transactions, assess fees, or reapply selected transactions (if necessary) on the customer loan account. Loan transactions that have occurred within the last 12-month period can be corrected on this screen. Payment reversals on this screen calculate accrued interest and dates automatically. In addition, payment reversal allows your institution to re-insert transactions during the reapplication process.
The Payment Reversal function uses GOLDTeller to perform the reapplication of transactions. Therefore, these transactions can be tracked using Teller Numbers. Transactions that are processed through the Payment Reversal function will appear on the same afterhours reports as other teller transactions. Additionally, click <Teller Totals> to see the Teller Totals dialog for the indicated teller.
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WARNING: When a payment transaction is selected for reversal, all transactions from that date to the present are also reversed. Transactions your institution wants to keep on the account will need to be reapplied. |
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Example: A loan had a rate change nine months ago. The rate was adjusted to 9.0000%, but it should have been adjusted to 8.000%. As a result, all subsequent payments were applied incorrectly, making the principal balance and year-to-date interest wrong. The Payment Reversal function allows your institution to reverse the transactions back to the point of the rate change, correct the rate by performing a file maintenance, and reapply the payments.
Research the loan thoroughly and become familiar with its history prior to using this function. Use the Teller Number field at the top of this screen to indicate your teller number so that transactions can be processed.
Loans > Transactions > Payment Reversal Screen
See Reversing Payment Transactions to learn more about the reversal process. See Payment Reversal Setup for information about setting up payment reversal capability at your institution. See Payment Reversal Cautions for information that should be considered before processing payment reversals.
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Note: Some types of loans do not allow payment reversals. A message similar to the following will be displayed at the top of this screen if the loan type or payment method does not allow reversals:
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The tabs on this screen are as follows:
In order to use this screen, your institution must:
•Subscribe to it on the Security > Subscribe To Mini-Applications screen.
•Set up employees and/or profiles with either Inquire (read-only) or Maintain (edit) security for it on the CIM GOLD tab of the Security > Setup screen. |
