Creating a backdated payment transaction

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Creating a backdated payment transaction

There may be scenarios where you may need to create a back dated payment. For example,

  • The LPT was created for an incorrect payment amount  
  • You want to change the spread amounts for the LPT 

In such cases, you need to first reverse the original transaction, and then create a transaction with the earlier date. For information on transaction reversal, refer to section Reversing and Refunding a Payment Transaction. The revised transaction date can be same as or earlier than the system date (the system date is stored in the Transaction Creation Date field in the LPT). That is, you cannot create a future dated transaction. In addition, you can back date a transaction only up to the last accrual date on the contract.

In applying a backdated payment, the system: 

  • Satisfies all the components whose due date is less than or equal to payment date. 
  • Discards all the IOAs whose transaction date is later than the payment date.
  • Discards all the IOA bills whose due date is later than the payment date. 
  • Discards normal bills and IPTs for the loan whose reschedule status is Pending. 
  • Marks the IOA generation status (in the Contract Details page) as Pending, and stops all further actions. On the next SOD run, the system creates the appropriate LPTs and bills, and marks the IOA generation status as Success. 
  • Does not change the  Last Transaction Type on the loan contract.

If you are upgrading to CL Loan 2.5012 or later, you must add the Transaction Creation Date and IOA generation status to the respective layouts. For steps to do this, refer to section Backdated Payments for Flexible AMZ Based Loan Contracts.

Prerequisites

The following is the prerequisite to making a back dated payment:

  • The transaction date is earlier than the system date and later than the last accrual date.

Steps

Refer to section Loan Payment Transaction for steps to create a back dated transaction.

Field reference

Refer to section Loan Payment Transaction for a description of all the fields for creating  a back dated transaction.

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