Generating and viewing a bill

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Generating and viewing a bill

Generate a Bill

A bill is generated for every payment that is due. Bill generation can be configured to be on the due date of the payment or a few days before the due date by specifying the pre-bill days.

In CL Loan, billing is a part of SOD (Start of the day) batch jobs that can be run from Servicing Configuration, Batch Jobs, SOD/EOD.

  • If billing is run after a long time, all the previous bills are generated. For example, if you did not run your bills for the last three months and you run your bills this day, three bills are generated.
  • The contracts are picked up for billing, based on the following criteria:
    • All the active loan accounts. Here, the active loan accounts are the accounts that have the status as Active-Good standing or Active-Bad standing.
    • The loans that have not reached their maturity date.
    • The next due generation date of the loan must be less than the current system date.

Prerequisites to generating a bill

  • Funds are disbursed

Steps to generate a bill

  1. Log in to your Salesforce account.
  2. Create a contract.
  3. Approve a contract.
  4. Make a Disbursal Transaction.
  5. Run the SOD/EOD or the Billing Job on the due date.

View the Generated Bills

The generated bills can be viewed under the Transactions tab.

Prerequisites to viewing the generated bills

  • Funds are disbursed.
  • Bills are generated.

Steps to view generated bills

  1. Log in to your Salesforce account.
  2. Click CL Contracts.
  3. Select the required CL Contract ID.
  4. Click Repayment Schedule to view the Repayment Amount. 
  5. Click Transactions tab and select the Bills tab after you run SOD or run the Billing Job. 

Field Reference

Field NameDescription
Bill Details
Due IDThe system generated ID of the bill.
Balance AmountThe bill amount remaining unpaid after the payment. This is updated after the payment is applied to the bill.
Due Type IDSystem generated ID of the Due Type.
Due TypeThe type of bill. This can be IOA Bill or Bill/Due Date. The default value is Bill/ Due Date.
Late Charge AppliedIndicates if any late charge has been applied to the bill amount.
PrimaryIndicates that the bill is from the primary repayment schedule.
Transaction DateDate on which the bill is generated. This is displayed only for a line of credit.
ToleranceThe tolerance applicable to the bill amount, up to which the bill is considered satisfied. For example, if tolerance is 200, and payment of 800 is received against a bill of 1000, it is considered satisfied.
Payoff As Of Previous Bill

Indicates the opening payoff balance.

Note:

This applies only to LOC loans.

Payoff Balance

Indicate the payoff balance subsequent to the current bill generation.

Note:

This applies only to LOC loans.

Bill Details
Regular Interest BilledThe regular interest portion of the interest billed for a line of credit.
Compounding Interest BilledThe compounding interest portion of the interest billed for a line of credit.
Billed Component

The bill component on which the amount evaluated from the sliding billing range is applicable.

Note:

This applies only to LOC loans.

Billed FeesThe fee component of the bill for a regular loan.
Billed PrincipalThe principal component of the bill for a regular loan.
Billed InterestThe interest component of the bill for a regular loan.
Waived Interest

The interest amount that is waived off.

Note:

This applies only to LOC loans.

Waived Fee

The fee amount that is waived off.

Note:

This applies only to LOC loans.

Previous Bill Amount

The amount of the last generated bill.

Note:

This applies only to LOC loans.

Billed PeriodThe period for which the bill is generated.
Bill Cycle Start Date

Start date of the billing cycle.

Note:

This applies only to LOC loans.

Bill Cycle End Date

End date of the billing cycle.

Note:

This applies only to LOC loans.

Evaluation Component

The component on which the billing range is selected, and the bill components and the bill amount is calculated.

Note:

This applies only to Sliding Billing method.

Evaluation Time

It is the time when the evaluation component is considered for bill generation.

Note:

This applies only to Sliding Billing method.

Opening Balance

Total balance due (Payoff) as of last bill generated. This amount corresponds to opening Principal Balance. 

Note:

This applies only to LOC bills.

Closing Balance

Principal Balance as on the bill generation date.

Note:

This applies only to LOC bills.

Average Daily Balance

Average daily balance of Principal for the billing period. 

Note:

This applies only to LOC bills.

Interest Due

Total interest due for the billing cycle. This is different from the interest billed for that billing cycle in case some amount of interest is paid during the billing cycle. The interest due includes the paid amount for that period. 

Note:

This applies only to LOC bills.

Fees Due

The total fees due for the billing cycle. This is different from fees billed, same as interest due differs from the interest billed. 

Note:

This applies only to LOC bills.

Payment
Due DateThe date on which payment is due on the bill.
Payment DateThe date on which a received payment is cleared.
Due AmountThe bill amount payable.
Payment AmountThe amount received from the borrower.
Payment SatisfiedThis is updated by the system if the payment satisfies the bill.
Satisfied With ToleranceThis is updated by the system if payment tolerance is applied to satisfy the bill, for a flexible AMZ based loan contract. 

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