1. Overview
This function allows for the calculation and
recording of fees and interest on active or non-performing loans. It is
typically used when a loan is in default and standard automated calculations are
not applicable.
2. Prerequisites
2.1. User Permissions
To access the "Record Fees and Interest"
function, users must have the appropriate permissions enabled. If the "Record
Fees and Interest" tab appears greyed out and is inaccessible, an administrator
must grant the necessary permissions.
To Grant User Access (For
Administrators):
- Navigate to Setup > Security >
Roles.
- Select the relevant user
role (e.g., Consultant, Branch Manager).
- Click Edit.
- Scroll down to the Loan
Section.
- Select the checkbox for Manage Other
Branch Loans.
- Click Save.
2.2. Loan Configuration
Before fees and interest can be manually
recorded, the specific loan must be configured to allow this action.
To Enable Manual Fee Charging on a
Loan:
- Navigate to Client
Administration and search for the
existing client.
- Select the client and click the
Loans button.
- Highlight the specific loan and click the
Edit Loan button.
- Select the checkbox for Charge Fees
and Interest when "in Default".
- In the Late Payment Grace
Period field, enter the
number of grace days before fees are applied.
- Click Save and Close.
3. Procedure: Calculating and Recording Fees and
Interest
Once the prerequisites are met, follow these
steps to calculate and record fees and interest:
- From the client's loan
screen, select (highlight) the configured loan.
- Click the Record Fees and
Interest button.
- In the Process Calculation
Date field, enter the date
up to which you want to calculate the fees and interest.
- Click the Calculate button to preview the amounts. The
system will display the calculated values in the "Interest Amount" and "Fee
Amount" fields and update the "Settlement Amount."
- Review the calculated
amounts to ensure they are correct.
- Click the Record button to
finalize the transaction and add the calculated fees and interest to the loan
balance.
4. Field and Button Descriptions