LMS Transactions

The LMS transactions page is used to apply additional charges, late fees or write-offs which are not updated in the Amortization schedule.

  1. Click New
  2. Batch number: Specifies the batch number created by the system.
  3. **Effective date: Specifies the date the transaction should affect the loan. Defaults to current date, may be changed.
  4. Description: Specifies free-form information about the Batch. For a new batch enter the description.
  5. Status: Specifies the status for the loan type code. User can click on the status label to display the status code lookup screen and make a selection. Available options: active, closed, pending, process or void. Pending or processing must be used for a loan before it is changed to active.
  6. Click Add to add a new LMS transaction.
  7. Select the Loan number from the drop-down list.
  8. Select the Transaction date.
  9. Check number: Specifies a check number for the transactions (if exists). Generally used for an AP check number for an additional issue transaction.
  10. Receipt number: Specifies the receipt number for previously created transaction.
  11. Select the Payment type: Payment type specifies the payment type of the transaction shown, such as Principal paid, Charges paid, etc.
  12. Effective date: Specifies the date the transaction should affect the loan. Defaults to current date, may be changed.
  13. Enter the Transaction amount
  14. Debit Account: Specifies the debit G/L account for posting the transaction. System populated based on payment type. Can be changed.
  15. Credit Account: Specifies the credit G/L account for posting the transaction. System populated based on payment type. Can be changed.
  16. Transaction description: Specifies the transaction description of the transaction shown.
  17. Posted batch: Specifies the posted batch number.
  18. Post reference number: Specifies the post reference number.
  19. Select Save:
  20. Select Post > Post to post the transaction.
Note

If you want to cut a check or transfer a write-off, it will create a voucher in Accounts Payable.

Post > Post to AP process posts any fee transactions directly to Accounts Payable to be processed.

Post > Reverse Receipt option is available if any data transaction mistakes are made and need to be reversed.

The LMS Transactions screen displays all types of transactions made by the LMS system.

  • Batch number: Specifies the batch number created by the system.
  • Effective date: Specifies the date the transaction should affect the loan. Defaults to current date, may be changed.
  • Description: Specifies a description, explanation for the Batch. For a new batch enter the description.
  • Status: Specifies the status for the loan type code. User can click on the status label to display the status code lookup screen and make a selection. Available options: active, closed, pending, process or void. Pending or processing must be used for a loan before it is changed to active.

Loan transaction details

  • Loan number: Specifies the loan number for transaction. Use lookup to create a new transaction.
  • Transaction date: Specifies the date of the transaction shown.
  • Check number: Specifies a check number. Generally used for an AP check number for an additional issue transaction.
  • Receipt number: Specifies the receipt number for previously created transaction.
  • Payment type: Specifies the payment type of the transaction shown.
  • Effective date: Specifies the date the transaction should affect the loan. Defaults to current date, may be changed.
  • Transaction amount: Specifies the transaction amount of the transaction shown.
  • Tran amt (LCY): Specifies the transaction amount in local currency.
  • Debit account: Specifies the debit G/L account for posting the transaction. System populated based on payment type. Can be changed.
  • Credit account: Specifies the credit G/L account for posting the transaction. System populated based on payment type. Can be changed.\
  • Transaction description: Specifies the transaction description of the transaction shown.
  • Posted batch: Specifies the posted batch number.
  • Post reference number: Specifies the post reference number.

PROCESSES

AP/AR Interface

From the Processes menu, select AP/AR Interface. When making or applying payments, it's best to process one payment per loan so that the interest calculations.

  1. Enter a start date and an end date. Note that any one month can be processed at a time.

  2. Next, choose Payable or Receivable from the Loan payable/receivable field, and optionally chose any other filters from the other fields.

  3. Click the Load Grid button from the menu to view the appropriate loans. The grid then displays all the loans that meet the selected parameters. You can select multiple loans from the list or deselect to adjust as needed and then process, by selecting Process from the menu.

  4. Process: Initiates procedures to create invoices in sales for receivable loans and vouchers for payable loans.

  5. LMS trans only: selecting LMS Trans only processes/updates loan payment information within LMS only. No invoices or vouchers will be created.

Fields in AR/AP Interface

  • Start date: Specifies the start date for the range of dates you want to process.
  • End Date: Specifies the end date. Defaults to current date but can be changed.
  • Loan payable/Receivable: Use the drop-down menu to select payable or receivable.
  • Run BOD (Interest) as of: Specifies what date to use to calculate and post the interest accrual.
  • Voucher date as of: Specifies the date to be used on the vouchers created by the interface.
  • Journal Name: Specifies the ledger journal name.
  • Loan No: Specifies the loan number to limit the data to be loaded, leave blank for all.
  • Run BOD for all loans: If selected, updates the interest for all loans.
  • Separate invoices: Specifies, if selected, that the system generate separate invoices for each payment due on a receivable loan.
  • Amount due calculation: Specifies the amount due is to be calculated as selected from the drop-down menu.
  • Loan number: Specifies the loan number.
  • Name: Specifies the name of the lender or borrower based on whether the loan is payable or receivable.
  • Type code: Specifies a description for the loan type
  • Payment number: Specifies the payment number from the amortization schedule.
  • Customer or Vendor ID: Specifies a customer or vendor ID populates dependent on whether the loan is a receivable or payable.
  • Customer or Vendor Name: Specifies the customer or vendor name associated with the customer or vendor id.
  • Account number: Specifies the account number from the loan accounting page, if populated.
  • Project: Specifies, if available, the project associated with the loan.
  • Task: Specifies, if available, the task for the project associated with the loan.
  • Due date: Specifies the due date for the payment.
  • Principal: Specifies the principal amount due for the payment. The amount may be changed.
  • Interest: Specifies the amount of interest that is to be repaid for the payment due date.
  • Other: Specifies escrow amounts due from the payment schedule.