Navigation:  Loans > Loan Screens > Contract Collections Screen > Contract Collections Setup

Certain information must be set up elsewhere in CIM GOLD for the Loans > Contract Collections screen to work properly. Contact GOLDPoint Systems for help with this process.

 

General Ledger Setup

The General Ledger and Autopost must be established by your institution's accounting department before transactions to contract collection loans will be handled properly.

 

Loan Account

A contract collection loan is set up as a regular loan account in CIM GOLD. However, the account's General Category must be 90.

 

Rental accounts are set up as General Category 91 and payment method 8. Each transaction for rentals are passed through the system as miscellaneous funds (because rentals do not use principal or interest). However, these transactions show in the seller history as principal.

 

Loan patterns can be established for contract collection loans (if your institution chooses to use patterns).

 

Investor Master Record

An Investor Master Record must be set up for contract collection loans (including Master and Group information). GOLDPoint Systems suggests that number 90 be used. For more information, refer to help for the Loans > Investor Reporting screens in CIM GOLD.

 

Initialize Loan

Initialize the loan using Loans > Loan Initialization screen in CIM GOLD.

 

Open Loan

In teller mode, run transaction 680 (Open New Loan) on the loan to initialize the dollar amounts in the appropriate fields.

 

Transactions and Corrections

For an explanation of how transactions are affected in contract collections, see the transaction number in Appendix A.