1. Overview

After entering the initial receipt details, this screen provides a summary of the loan's financial status and allows you to finalize the payment processing. It shows the amounts required to continue with regular payments or to fully settle the loan.

2. Accessing the Receipt Summary Screen

1. Navigate to Client Administration.
2. Search for and select the client.
3. Click the Loans button.
4. Select the relevant loan and click the Receipt button.
5. Enter the initial details and click Next.

3. Information Summary

This section provides a read-only summary of the loan's key financial figures.

3.1 General

• Effective Date: The date used for interest calculation purposes.
• Transaction Date: The date the transaction will be recorded in the general ledger.
• Receipt Event: The financial event type selected on the previous screen.

3.2 Amounts

• Total Outstanding: The total amount outstanding on the loan agreement.
  • Calculation: (Loan Total + In-Default Interest & Fees) - Payments Received.
• Settlement Amount: The total amount required to settle the loan agreement today.
  • Calculation: (Capital + Fees Charged + Interest Charged) - Payments Received + Pro-rata interest and fees due since the last month-end.
  • (RSA) Legal Note: This calculation complies with the National Credit Act No. 34 of 2005, Section 125.
• Instalment Amount(s) Due: The total value of all instalments that were due on or before today's date.
• Non-Loan Debt: Any debit amount on the client's account that is not related to a loan.

4. Processing the Receipt

This section is where you enter the payment amount and specify how it should be allocated.

4.1 Early Settlement Prerequisite

To process a receipt that settles a loan early, a specific financial ledger and event must exist in the system. If this is not configured, the transaction will fail.

• Required Financial Ledger:
  • Main Account: 3220
  • Sub Account: 0000
  • Description: Early Settlement
  • Control Account Type: General
  • Financial Report: Statement of Financial Performance
  • Financial Category: Other Expenses (Expenses)
• Required Financial Event:
  • Description: Early Settlement
  • DR: 3220/000 (Early Settlement)
  • CR: 6620/000 (Client Control Account)
  • Event Attribute: Early Settlement

A corresponding "Early Settlement Reversal" event must also be created.

4.2 Receipt Options

• Amount Received: Enter the total amount of money received from the client.
• Loan Receipt Amount: Enter the portion of the Amount Received that should be allocated to this specific loan.
  • Note: You cannot allocate more than the Settlement Amount (or Total Outstanding if Ignore Settlement is selected).
• Amount NOT to Allocate Against Loan: This read-only field shows the calculated change to be given to the client.
  • Calculation: (Amount Received - Loan Receipt Amount).
  • If the client has a Non-Loan Debt, this change will be applied to it first.
• Ignore Settlement: Select this checkbox if you are receiving the full settlement amount (or more) but do not want to settle and close the loan. The payment will be treated as a large pre-payment.
• Force Settlement: Select this checkbox if the Amount Received is less than the Settlement Amount, but you want to settle and close the loan anyway (e.g., accepting a lower settlement figure).
• Print Receipt: Select this checkbox to automatically generate a printable receipt after processing. Receipts can be reprinted later.
• Reference Number: If required for the selected event type, enter a reference. Otherwise, the system will auto-generate one.
• Note: Enter any relevant notes for this specific transaction.

5. Important Scenarios

The system automatically calculates the Loan Receipt Amount based on the Amount Received and the Ignore Settlement checkbox.

Example Loan Figures:

• Total Outstanding: R3995.87
• Settlement Amount: R3658.32

Scenario 1: "Ignore Settlement" is NOT selected (Default)

• If Amount Received is R2000.00:
  • Loan Receipt Amount will be R2000.00.
  • Change will be R0.00.
• If Amount Received is R4000.00 (more than settlement):
  • Loan Receipt Amount will be R3658.32 (the settlement amount).
  • Change will be R341.68. The loan will be settled.

Scenario 2: "Ignore Settlement" IS selected

• If Amount Received is R2000.00:
  • Loan Receipt Amount will be R2000.00.
  • Change will be R0.00.
• If Amount Received is R4000.00 (more than settlement):
  • Loan Receipt Amount will be R3995.87 (the total outstanding amount).
  • Change will be R4.13. The loan will not be settled.

6. Action Buttons

• Cancel: Discards all information and returns to the previous screen.
• Back: Returns to the previous screen to edit initial details.
• Finish: Processes the receipt transaction. A confirmation link will appear to download the receipt document.