NetLoan - Non-Loan Payment Adjustment
Non-Loan Payment Adjustment
Use Case: The Non-Loan Payment modification can be used to add a non-loan payment that reflects a payment change in loan-related expenses as of a specific date. This is used when the loan has already been commenced.
Prerequisites: Loan modifications must be entered in NetLoan prior to running month-end amortization for the period the new payment falls into
STEP-BY-STEP PROCESS
- Navigate to a loan record where the modification is to be recorded and click the Modify Loan button.
- On the Loan Modification click the down arrow on the Modification Type field and select Non-Loan Payment.
- Next, enter the non-loan payment in the Non-Loan Payments subtab below. The system will require you to enter the effective date which is the date on which you would like the new payment to take effect moving forward on a monthly basis. Then enter the new monthly non-loan payment amounts in the non-loan payment 1, non-loan payment 2, and non-loan payment 3 columns. Click the Add button.
Note: You might have previously customized the titles of the non-loan payment 1, non-loan payment 2, and non-loan payment 3 columns.
- If you need to add any additional non-loan payment changes, do so now before submitting the modification.
- After double-checking the inputs, click Modify Loan.
- You will be navigated back to the loan record where you can refresh until the refresh button disappears and the schedule has been updated.
- The NetLoan Non-Loan Payment record(s) will be saved on the Payments subtab of the loan to save historical payment changes.
- If a payment modification was entered in error you can select the Reverse Modification button that is located at the top of the lease record. This will reverse the modification you just made. Check out our Modification Reversals article for more information. Note: If the amortization entries for that month have been run, you will no longer have the option to reverse the modification.