Steps

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Steps

Prerequisites

The following are the prerequisites to reversing and refunding a payment transaction:

  • The contract is in Active status.

  • The transaction to be reversed is the last transaction. 

Steps

Perform the following steps to reverse and refund the latest payment transaction:

  1. Login to your Salesforce account.

  2. Click Contracts.

  3. Select a contract with Active Good or Bad Standing status.

  4. Click Transactions.

  5. Click Payments.

  6. Select the latest Loan Payment Transaction ID.

  7. Scroll to the Repayment Transaction Reversal section and click New Payment Transaction Reversal.

  8. In the Payment Reversal page, specify the following:

    1. Select the Reason Code.

      This can be NSF (non sufficient funds), Human Error, or Other.

    2. Select the Date of reversal.

    3. Specify the Reference, for example, original cheque number.

    4. Select the Refund to Borrower checkbox if a refund has to be made. Additional fields are displayed.

    5. Select the Refund to Bank Account to which the refund amount is to be credited.

    6. Click Save.

Field reference

Field Name

Description

Reason Code

The reason for making a reversal.

  • Select NSF(non sufficient funds) if the payment transaction amount is lesser than the available balance in the borrower's account.
  • Select Human error if there is a data entry error.
  • Select Other to indicate any other reason.
DateThe date on which the reversal is to be done.
ReferenceAny description or reference information to be stored with the transaction. For example, "third reversal by borrower".
Refund to BorrowerSelection indicates that a refund of the reversed amount is to be made to the borrower.
Refund to Bank AccountThe borrower account to which the refund resulting from the payment is credited.

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