Loan Accounts Manual Fees and Penalties in Loans
| Manual Fees and Penalties in Loans |
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| Last Updated on Monday, 23 April 2012 17:51 |
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Apply manual feesManual fees can be applied to any acccount as long as the option "Allow Arbitrary Fees" is checked in the product's settings. After applying a manual fee to an account, the amount will be displayed as Total Due until they are paid out, which will happen according to the Payment Alocation Order defined in Lending Parameters. To apply a manual fee, go to the account > More Actions > Apply Fee > enter the amount > Apply Fee.
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Revert feesTo revert a fee that has been applied by mistake or with the wrong amount open the loan account > click on Transactions > click on the reverse icon that's next to the fee you want to revert > enter the reason for the reversal > click on Reverse Fee.
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Revert PenaltiesWhen you choose to apply penalties in Lending Parameters, they will start being automatically calculated when there are late repayments. If, for instance, a client has made the repayment on the due date but for some reason it is only entered a few days later, you can revert the penalties applied to that repayment before entering it. To revert a penalty, open the loan account > click on Transactions > click on the Revert icon which is associated to the penalty you want to revert > click on Reverse Penalty. If the repayment has been late for some days and there are several penalties applied to it, you should revert each of them as described before.
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You can apply manual fees to an account in any state except Closed.
