Generate and View Bills
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.
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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
Log in to your Salesforce account.
Create a contract.
Approve a contract.
Make a Disbursal Transaction.
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
Log in to your Salesforce account.
Click CL Contracts.
Select the required CL Contract ID.
Click Repayment Schedule to view the Repayment Amount.
Click Transactions tab and select the Bills tab after you run SOD or run the Billing Job.
Field Reference
| Field Name | Description |
|---|---|
| Bill Details | |
| Due ID | The system generated ID of the bill. |
| Balance Amount | The bill amount remaining unpaid after the payment. This is updated after the payment is applied to the bill. |
| Due Type ID | System generated ID of the Due Type. |
| Due Type | The type of bill. This can be IOA Bill or Bill/Due Date. The default value is Bill/ Due Date. |
| Late Charge Applied | Indicates if any late charge has been applied to the bill amount. |
| Primary | Indicates that the bill is from the primary repayment schedule. |
| Transaction Date | Date on which the bill is generated. This is displayed only for a line of credit. |
| Tolerance | The 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 Billed | The regular interest portion of the interest billed for a line of credit. |
| Compounding Interest Billed | The 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 Fees | The fee component of the bill for a regular loan. |
| Billed Principal | The principal component of the bill for a regular loan. |
| Billed Interest | The 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 Period | The 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 Date | The date on which payment is due on the bill. |
| Payment Date | The date on which a received payment is cleared. |
| Due Amount | The bill amount payable. |
| Payment Amount | The amount received from the borrower. |
| Payment Satisfied | This is updated by the system if the payment satisfies the bill. |
| Satisfied With Tolerance | This is updated by the system if payment tolerance is applied to satisfy the bill, for a flexible AMZ based loan contract. |