Field descriptions: Loan payoffs

The following tables describe each field on the Loan Payoff page.

Loan payoff information

Loan payoff information field descriptions
Field Description
Record number The unique number that identifies the transaction. This number is assigned automatically.
Receipt date

The date that you received the payment. The receipt date must meet the following requirements:

  • The date must be within an open period.
  • The date must be within a GL period that is opened.
  • The date must be within a period for which interest and statements have not been generated.

    If you need to post transactions to a period for which interest and statements have been generated, you can reverse the interest and statements for selected depository accounts. For those depository accounts, you can then post transactions to the period. Learn about reversing interest and statements.

  • The date cannot be prior to the latest transaction date.

    You can find the latest transaction date on the Transaction History tab of the Loan Account page. Learn how to view the transaction history for a loan account.

The receipt date is used as the journal entry transaction date in the general ledger. It is also used as the deposit date and the transaction date for the other cash receipt that's created for the payment in Cash Management.
Customer The borrower of the loan.
Loan account

The loan account to which the payment applies.

If you've specified a Customer for the payment, the Loan account field includes only loans related to that customer.

For non-revolving (amortized) loans, the Current loan balances section includes extra fields that are not shown for revolving (non-amortized) loans:

  • Principal due
  • Interest due
  • Payments remaining
Payment method The method by which the payment was made: cheque, credit card, record transfer, or cash.
Deposit to

The type of account to which the payment was deposited:

  • Bank account: The payment was deposited directly to a bank account.
  • Undeposited funds: The payment was deposited to a GL account used to hold the payment funds temporarily until they’re deposited.
Bank account This field appears if you select Bank account in the Deposit to field. Enter the bank account to which the payment was deposited.
Undeposited funds account

This field appears if you select Undeposited funds in the Deposit to field. Enter the GL account used to hold the payment funds temporarily until they’re deposited.

This account cannot be associated with a bank account. It must be an account that can be used as a transfer account so that the funds can be deposited later.
State

The state of the loan payoff is set automatically, as follows:

  • Posted: The loan payoff has been posted to the loan account and to the general ledger.
  • Reversed: The loan payoff has been reversed from the loan account and the general ledger.
Attachment

You can permanently, safely store supporting documents for the loan payoff by uploading them as an attachment. You can attach any type of file, including scanned images, spreadsheets, or word-processor documents.

Learn about how to add attachments and who can add attachments.
Description You can enter a description of the loan payoff.

Current loan balances

All balances in this section are as of the Receipt date.

Current loan balances field descriptions
Field Description
Principal due This field appears only for non-revolving (amortized) loans. The amount in this field is the principal portion of all payments that are due. This amount can represent multiple payments if the borrower is in arrears.
Interest due

This field appears only for non-revolving (amortized) loans. The amount in this field is the interest portion of all payments that are due. This amount can represent multiple payments if the borrower is in arrears.

This amount can be negative if an overpayment was applied to future payments and if Enable negative interest balances is selected on the Configure Lending Management page. Learn about configuring Lending Management.

The amount in this field is the same as the Interest balance.

The interest due is the balance due through the last interest and statement generation period, and does not include accrued interest through the payment date.
Fees due The total fees owed.
Principal balance The total principal amount owed.
Interest balance

The total interest that is due. The amount in this field is the same as the Interest due.

The interest balance is the balance due through the last interest and statement generation period, and does not include accrued interest through the payment date.
Loan balance The total of the Principal balance and the Interest balance.
Payments remaining This field appears only for non-revolving (amortized) loans. It shows the number of payments remaining in the amortization schedule before the loan is paid off.

Payoff

Payoff field descriptions
Field Description
Principal balance The total principal amount owed. The amount in this field is the same as the Principal balance in the Current loan balances section.
Interest balance

The total interest that is due. The amount in this field is the same as the Interest balance in the Current loan balances section.

The interest balance is the balance due through the last interest and statement generation period, and does not include accrued interest through the payoff date. Accrued interest is shown in the Accrued interest field.
Accrued interest

The total amount of interest that accrued from the date when interest was last posted until the Receipt date.

The accrued interest amount is not included in the Interest balance.
Fees due The total fees owed.
Payoff amount The total of all outstanding amounts owed for the loan account: principal, interest, and fees. The amount in this field is the total of all the other fields in the Payoff section.