This list view displays all possible transactions on the customer loan account from the past year that can be reversed. See Reversing Payment Transactions for more information.

Use this list view to make any rate changes to the payments being reversed on this screen, and then reapply the transactions using the new interest rate. This list view is not visible if this tab is accessed from the Loans > Transactions > CP2 screen.

Example:
A loan rate had a rate change nine months ago. The rate was adjusted to 12.9500%, but it should have been changed to 18.000%. As a result, all subsequent payments were applied incorrectly, making the principal balance and year-to-date interest wrong. The Transaction Reversal function allows you to reverse the transactions back to the point of the rate change, correct the rate by performing a file maintenance, and reapply the payments.

This field does not open until you have selected the transactions you want to reverse and clicked . Once you click reverse, you can enter the new rate information in the Rate field, and select the effective date in the Effective Date field, as shown below:

Then reapply those transactions with the new rate by checking each of the Reapply? boxes in the list view and clicking , as shown below. The selected transactions are reapplied to the account using the new interest rate.

The Loans > History screen, Detailed History tab displays tran code 0022, Loan File Maintenance. If you click on the tran code 0022 where the interest rate was changed, you'll see what the old interest rate was, as shown in the following example. This indicates that the system changed the old interest rate of 12.95000 to the new interest rate (18.000).

Use this list view to make any changes to principal and interest payments due on the account. Previous payments can be reversed based on the old principal and interest payment, then reapplied based on the new principal and interest. This list view is not visible if this tab is accessed from the Loans > Transactions > CP2 screen.

Example:
The principal and interest payment was originally set for $180.99. However, the interest rate went up causing the principal and interest payment to increase to $260.00 per frequency. As a result, all subsequent payments were applied incorrectly, making the principal balance and year-to-date interest wrong. The Transaction Reversal function allows you to reverse the transactions back to the point of the rate change, correct the principal and interest payment by performing a file maintenance, and reapply the payments.

This field does not open until you have selected the transactions you want to reverse and clicked . Once you click reverse, you can enter the new principal and interest payment in the Payment field, and select the effective date in the Effective Date field, as shown below:

Then reapply those transactions with the new P/I payment by checking each of the Reapply? boxes in the list view and clicking , as shown below. The selected transactions are reapplied to the account. Any rolling due dates, late charges, or partial payments are assessed appropriately.

The Loans > History screen, Detailed History tab displays tran code 0022, Loan File Maintenance. If you click on the tran code 0022 where the principal and interest was changed, you'll see the date the principal and interest was changed, as well as the interest rate of the next principal and interest payment, as shown in the following example.

Additionally, the Loans > Account Information > Account Detail screen > Payment Detail screen displays any remaining amount due from previous payments (in the Partial Payment Due field) and the amount still owing this frequency (in the Less Partial Payments Already Paid field), as shown below: