This article outlines how to properly schedule payments in the PAC section. You are able to schedule upcoming payments or reschedule missed payments. Often used to schedule deferred, NSF and fee payments.
Navigation: Payments, Adjustments & Charges > Payment > Add a Payment(New)
Enter the Payment Details
Select a Date you want to schedule the payment for. Make sure the selected date covers the full period for which payments are being added and items to which they are being applied.
Choose the payment Method (e.g., PAD, Cheque, EFT).
(Optional) Input a Reference # for tracking purposes.
Enter the total Payment Amount scheduled to be made.
(Optional) Add a Memo or description for the payment
Use the Automation Setup dropdown to apply predefined settings, streamlining repetitive payment processes. Click the gear icon next to it to configure additional options if needed.
Allocate Payment to an Outstanding Balance
The next step is to select what oustanding balance the payment should be applied to.
You have the following options:
Partial Interest
If the borrower owes any partial interest payments, they will be displayed in this section.
Fees Due
If the borrower owes fees or if fees have already been applied, you can view or add them in this section.Principal Balance
This section displays the Principal Balance owing on the loan.
Enter the Apply Amount to allocate a portion of the payment to the principal
Prepayment
If prepayments are being made, you can allocate amounts in this section.
To apply a payment to a specific outstanding item, click the > arrow next to the relevant balance type. This will expand a list of individual outstanding items that the payment can be applied to.
You can expand the item further to review or adjust the investor distribution before saving.
You can use the arrow --> beside a line item to move the entire amount into the line item’s allocation field, or simply type in the desired amount.
Tip:
Use the Auto Distribute link at the top of the screen to automatically allocate payment amounts across accounts based on predefined rules.
Use the Magic Wand icon to apply the system’s default allocation rules to that specific line item without affecting others.
Review and Confirm
Once you have entered all the information and distributed the payment, review the details, ensuring accuracy.
To confirm, you have 2 options
Create PAD/ ACH file: This will automatically create a PAD/ACH file for the scheduled payment that can be submitted to the bank (only applicable if ‘PAD’ is selected as the payment method).
Add Payment: Confirms the entered payment.
FAQ
Q: What is the purpose of scheduling payments in the PAC module?
A: Scheduling payments allows you to plan upcoming payments or reschedule missed, deferred, NSF, or fee payments in one central location.
Q: Can I review investor distribution before confirming a payment?
A: Yes. Expanded line items allow you to review and adjust distribution before finalizing.
Q: Can I reschedule a missed or NSF payment using this screen?
A: Yes. You can use the Memo field to add internal comments or descriptions for tracking purposes.