Consolidated loan payment reversal transaction
In Consolidated Loan Payment Reversal, you can only reverse the latest payment. To reverse a payment that was made, say a few months ago, you must follow LIFO (Last In First Out) methodology and reverse all the payments one by one, starting from the latest one.
Prerequisites
None.
Steps
The following are the steps to make a consolidated loan payment reversal:
Click Contracts.
Select the required Contract.
Go to Consolidated Loan Payment.
You must scroll down the Contact page, to find Consolidated Loan Payment.
Go to Consolidated Loan Payment.
Select the required Payment ID.
Click New Consolidated Loan Payment Reversal.
Select the required Reason Code.
Click Save.
On clicking Save, you see that the Consolidated Loan Payment has been reversed.
Field reference
| Field Name | Description |
|---|---|
| Reason Code | Describes the reason for reversing the payment. NSF: Select NSF if there are insufficient funds to satisfy the transaction amount. Human Error: Select Human Error if there was an error in the payment amount, or if the transaction was created in error. |