Payments

Overview

This guide covers recording, viewing, and managing payments on loan accounts. Payments are recorded through the Admin Panel and automatically allocated across loan obligations.

Navigation: Loans → Loan → Payments tab

Payment Recording

Adding a Payment

1. Navigate to the loan in Loans directory

2. Open the Payments tab

3. Click Add Payment action

4. Select payment method

5. Complete the payment form:

   • Payer information: Select or enter payer details

   • Amount: Payment amount received

   • Payment application date: Date to apply the payment

   • Additional fields based on payment method

6. Submit payment

Note: Projects may use different payment methods, each with its own features and attribute set.

Automatic Processing

After submission, the system automatically:

1. Creates the payment record

2. Creates associated transaction

3. Allocates payment across obligation types:

   • Principal

   • Interest

   • Fees

   • Penalties

4. Updates loan balance and status

Note: Payment allocation order is configured at SDK level per project. Contact administrator if allocation appears incorrect.

Payments Tab

Payment tracking and allocation interface

The Payments tab displays:

• Payment date and amount

• Payment status

• Distribution across obligations

• Allocation to principal, interest, and fees

• Payment source and method

Viewing Payment History

Payment Details

Click on any payment to view:

• Full payment amount

• Allocation breakdown

• Payment date vs. application date

• Associated transactions

• Payer information

Payment Status

Payments may show different statuses depending on project configuration (e.g., Applied, Pending, Reversed, Partial).

Payment Adjustments

Modifying Payment Application Date

If a payment was recorded with incorrect application date:

1. Navigate to the payment

2. Select Change Date action (if available)

3. Enter correct application date

4. System recalculates allocations based on new date

Processing Refunds

To refund a payment (full or partial):

1. Navigate to the payment

2. Select Refund action

3. Choose refund type:

   • Full Refund: Reverses entire payment

   • Partial Refund: Enter amount to refund

4. Enter refund reason

5. Submit refund

6. System creates refund transaction and adjusts balances

Common Payment Scenarios

Regular Payment

1. Receive payment notification from bank/processor

2. Navigate to borrower's loan

3. Record payment with correct amount and date

4. Verify allocation matches expectations

5. Confirm payment applied successfully

Overpayment

When payment exceeds amount due:

1. Record full payment amount

2. System allocates to current obligations

3. Excess applies to:

   • Future payments, or

   • Principal reduction (based on configuration)

4. Verify allocation is correct

Partial Payment

When payment is less than amount due:

1. Record actual amount received

2. System allocates according to priority rules

3. Remaining balance stays due

4. Account may still show past due status

Payment Correction

If payment was recorded incorrectly:

1. Assess the error type:

   • Wrong amount: Process refund and re-record

   • Wrong date: Modify application date

   • Wrong loan: Process refund, record on correct loan

2. Document reason for correction

3. Verify loan balance after correction

Payment Integration

External Payment Sources

Payments may arrive from:

• Core banking system integration

• Manual entry

• API submissions

The source is tracked with each payment for reconciliation purposes.

Reconciliation

Compare recorded payments against:

• Bank statements

• Payment processor reports

• Customer payment records

Discrepancies should be investigated and resolved promptly.

Best Practices

Daily Operations

• Process payments promptly upon receipt

• Verify allocation before finalizing

• Document unusual payments

• Reconcile daily if possible

Accuracy

• Double-check amounts before submission

• Verify correct loan selected

• Confirm application date is accurate

• Review allocation breakdown

Troubleshooting

Payment Not Allocating Correctly

Possible causes:

• Allocation rules configuration

• Outstanding obligations order

• Date-based calculation issues

Resolution: Review allocation rules with administrator, check obligation status.

Cannot Record Payment

Possible causes:

• Loan status prevents payments

• Permission restrictions

• Required fields missing

Resolution: Check loan status, verify permissions, complete all required fields.

Refund Not Processing

Possible causes:

• Payment already reversed

• Insufficient balance for refund

• Permission restrictions

Resolution: Verify payment status, check account balance, confirm permissions.

Related Topics

• Loan Tracking - Viewing loan details

• Transactions - Transaction management

• Notifications - Payment notifications

---

For additional support, consult your supervisor or system administrator.