Automating loan write-off
Lenders can automate the process of writing off the loans that meet the criteria defined for loan write off, to avoid writing off loans manually and thereby increase efficiency. If a loan belonging to the company goes delinquent by more than the defined write off suggestion days, the system brings it up as a candidate for write-off. You can schedule the Auto Write-off job to write off the loans as per your requirement.
Steps
Perform the following steps to automate the loan write-off process:
Log in to your Salesforce account.
Go to Setup, App Setup, Develop.
Select Apex Classes.
Click Schedule Apex tab.
Specify the Job Name. For example, Auto Write-off Job.
Select the Apex Class.
Select the Frequency to schedule the apex execution. For example, weekly, monthly.
Specify the StartDate and End Date during which the job is expected to be executed.
Select the Preferred Start Time at which the job should be run.
Click Save.
The Auto Write Off job is scheduled to pick up all the loans which are inActive-Bad Standing, Active-Bad Standing, or any custom loan status, and on whom, the days past due have exceeded the write off suggestion days.
The Auto Write-Off job is scheduled separately on the request of the user and is not part of Start of Day (SOD) or End of Day (EOD) jobs, as not all customers want to automate loan write-off.
Field reference
| Field Name | Description |
|---|---|
| Apex Class | Apex Classes are similar to Java Classes. In Apex, you can define top-level classes (also called outer classes) as well as inner classes, that is, a class defined within another class. |
| Auto Wite-Off Job | At the request of the borrower, the lender can automate the process of writing off the loans when it becomes delinquent, using the Write off Suggestion Days field on the Company object. |