Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Payment Detail tab > Options field group > Stop Applied To

Entry: User, checkbox

F/M: Yes

Mnemonic: LNAPLY

Screen: Loans > Account Information > Account Detail > Payment Detail tab

 

This checkbox field is used with payment method 6 loans. When this box is checked, if the payment being posted is higher than the actual payment amount, the extra amount will not be added to the Applied to Payment field; the extra amount will automatically be posted to the principal balance instead of being credited toward the next payment due.

 

Partial payments (payments for less than the full amount) will update the Applied To Payment field. When a partial payment is made, the Applied To Payment field will be updated and will continue to do so until sufficient money has been applied to roll the due date. If the amount paid plus the amount in the Applied To Payment field exceeds the payment due, the due date will roll and the Applied To Payment field will be cleared.