● Enter a single repayment

● Repayments Collection

● Partial repayments

● Repayment methods

● Reschedule repayments

● Revert last repayment

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Enter a single repayment

To enter a single repayment to a client or group's loan account, open the client's profile > click on the appropriate loan account > click Enter Repayment > enter the repayment's details > click on Apply Repayment.

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Repayments Collection

If you have several repayments to enter you can use Mambu's bulk repayment option. To do so, go to Accounts > click on Repayments Collection > click on the dropdown menus to filter the repayments per branch, centre, credit officer and due date > click on Filter.

You will see a list with all the repayments that correspond to the filtering options you've just defined. The default values for Date Paid and Amount Paid are the ones defined in the repayment schedules of those accounts.

To enter several repayments without changing the original amount due and date, check the correspondent boxes > click on Post Repayments > in the new window click on Enter Repayments

You can change the repayments' amounts and dates, in the exceptional situations where they're different from what was defined in the repayment schedules, e.g. partial repayments or other situations in which the values change. In case you change any of these values, you'll see that the row will change its color to orange, highlighting the repayments with different values from the original.

Note that the value in the Post Repayments button gets updated every time you add a new repayment, so that you can always see the total amount.

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Partial repayments

When a client doesn't pay the total amount due for a specific repayment, Mambu automatically sets a status of Partially Paid to that repayment. The amount paid will then be allocated according to the settings you defined in the Lending Parameters. So, the order you determined in that section will define your organization's priority in terms of what needs to be paid first, within principal, interest, fees and penalties.

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Repayment methods

When you apply a single repayment, you can see there are different options you can choose from - Cash, Receipt, Check and Bank Transfer. You just need to click the one that applies > enter the details > click on Apply Repayment.

 The information about the method of payment will be stored in the history of transactions of that account.

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Reschedule repayments

When a repayment is late, you can choose to move the balance to the next repayment or to spread if over the remaining repayments.

To reschedule a late repayment, open the loan account with the late repayment > click on Repayments > click on More actions and then in Reschedule Late Repayment > click on the dropdown to choose how it will be rescheduled > click on Reschedule Repayment.

Implications

When you reschedule a late repayment, only the principal amount will be moved. For accounts using declining balance method, the interest will be recalculated on the accrued principal after rescheduling.

Any fees or penalties associated to the repayments being rescheduled will be waived.

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Revert last repayment

To revert the last repayment entered to an account just open the loan account > Click on Transactions > find the last repayment and click on the reversal icon > enter the reason for the reversal > click Reverse Repayment.

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Related Items

• Creating New Loan Products
• Mambu Terminology