Create a Backdated Payment Transaction

Overview

There may be scenarios where you may need to create a backdated 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, before the Virgo release, 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 Transaction Reversals.

The revised transaction date can be the same as or earlier than the system date. That is, you cannot create a future-dated transaction. In addition, you can backdate a transaction only up to the last accrual date on the contract.

However, after the Virgo release, you can create a backdated transaction before the last IPT and the system automatically reverses and reapplies the last IPT. For more information, see the subsequent sections, Backdated Payments for IPT-Enabled Simple Loans and Backdated Transactions for IPT-Enabled Simple Loans.

Prerequisites

The following is the prerequisite to making a backdated 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 backdated transaction.

Field Reference

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