Accounting events

  • Updated

Accounting events

An accounting event in CL Loan is created to update the transaction values for an object. An event updates the following fields in the target:

  • Debit General Ledger

  • Credit General Ledger

  • Transaction Date

  • Transaction Amount

Creating accounting events

You can create an accounting event at a time, from the UI, or you can import accounting events using the default configuration, or the custom configuration.

Creating an accounting event from the UI

Perform the following steps to create a new accounting event from the UI:

  1. Log in to your Salesforce account

  2. Click Servicing Configuration.

  3. Under Accounting Setup, click Create New Accounting Event.

    The Create New Accounting Event page appears.

  4. Specify the values of the fields, as in the described in the Fields reference table, and then click Save.

Fields reference

Field

Description

 Example and Explanation
Event Name A name for the event created.

Regular

The event created is named as Regular.
Events

The CL Loan object on which this accounting transaction is being done.

Loan Payment Transaction

In the event Regular, the accounting transaction is done on the Loan Payment Transaction
GL Creation Identifier

The field is marked after the accounting transaction is completed.

This field value indicates whether the record was picked up for accounting or not.

Note:

This is list is populated based on the value selected in the Events field.

Internal Accounting Generated

If Internal Accounting Generated field is marked as True for a record, it means that it has been picked up for the accounting transaction.
Source Criteria The records are selected for accounting transaction, based on the 'Where' clause specified here.

payment_type = "Regular"

Only the records with the Payment Type = Regular are picked up for this accounting transaction.
Rule Line A name for the rule created. You can create multiple rules in an event. Regular Payments
Credit GL The general ledger to which the transaction amount is credited.

Expense1

The transaction amount is credited to a ledger named Expense1.
Debit GL The general ledger from which the transaction amount is debited.

Asset1

The Transaction amount is debited from a ledger named Asset1.
Transaction Date Field

The transaction date is derived from this field.

Installment Date

This accounting transaction is done on the next Installment Date of the loan contract.
Amount Field The transaction amount is derived from this field.

Payoff Balance

A transaction of the amount = Payoff Balance amount.

Creating accounting events using predefined configurations

You can use the default configuration or create your JSON file,  and use it to create accounting entries.

Perform the following steps to create a new accounting event using predefined configurations:

  1. Log in to your Salesforce account.

  2. Click Servicing Configuration.

  3. Under Accounting Setup, click Create New Accounting Event.

    The Import Accounting Events page appears.

Sample JSON:

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{
        "accountingRuleName": "Disbursement - To Borrower",
        "accountingSourceCriteria": " ( loan__Internal_Accounting_Generated__c = false ) AND ( loan__Distribution_Type__c = 'Disbursement' ) ",
        "accountingCompletionIdentifier": "loan__Internal_Accounting_Generated__c",
        "accountingRuleLines": [
            {
                "debitGLAccount": "A1002",
                "creditGLAccount": "E1001",
                "amountFieldAPIName": "loan__Distribution_Amount__c",
                "accountingRuleLineName": "Borrower Disbursal",
                "txnDateFieldAPIName": "loan__Transaction_Date__c",
                "txnValueDateFieldAPIName": "loan__Transaction_Date__c"            }
        ],
        "accountingEventName": "loan__Disbursal_Txn_Distribution__c"    }
API label Equivalent  UI label Explanation of the example
accountingRuleName Rule Name

There is a rule created with the name Disbursement To Borrower.
accountingSourceCriteria Source Criteria

The records with Loan Distribution Type as Disbursement and Loan Accounting Generated flag as False are picked up for the accounting transaction.
accountingCompletionIdentifier GL Creation Identifier If Internal Accounting Generated field is marked as True for a record, it means that it has been picked up for the accounting transaction.
accountingRuleLines Rule Lines

  • The transaction amount is debited from the general ledger with the code A1002.

  • The transaction amount is credited to the general ledger with the code E1001.

  • The transaction amount is the Loan Distribution Amount in the records.

  • The event has a rule with the name, Disburse To Borrower

  • The rule has a rule line with the name, Borrower Disbursal.

  • Accounting Transaction Date = Loan Transaction Date of the record.
accountingEventName Event Name There is an event created with the name Loan Disbursal Txn Distribution.

Editing an accounting event

You can edit an accounting event using either of the following options:

  • Servicing Configuration > Account Setup > Manage Accounting Events.

  • Servicing Configuration > Account Setup > Create New Accounting Event > Manage Accounting Events.

Viewing the accounting entries

You can view the details of the transaction accounting entry.

Prerequisite

The following job should have been run:

Script to run the job
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String query = clcommon.QueryHelp.getDataMappingInitiatorQuery();
clcommon.DataMapperInitiatorJob job = new clcommon.DataMapperInitiatorJob(query);
Database.executeBatch(job,1);

Perform the following steps to view the accounting entries:

  1. On the CL Contract page, under the Transactions tab, click the transaction tab whose accounting entry you want to view.

  2. The accounting entry details appear in the selected transaction tab. For example, the following Image 1 shows the accounting details for the Disbursal Transactions Distributions.

  3. To view more details, click the transaction accounting entry link. (LDTI-0000000015 in this example as shown in the following Image 2.)

    Image 1

    Image 2

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