REVERSING A NEW LOAN

 

New Loan reversals are performed in the ‘New Loan/Advance’ window.

 

1.   Print the history pertaining to the new loan which you are about to reverse.  Refer to this

      history while performing the New Loan reversal transaction.

 

2.   Check the system date.  If the loan is being reversed on the same day it was issued proceed to step

      number 3.

 

       If the loan date is not the current system date and no other transactions have been done to this loan

      change the posting date as follows:

                1)   Access the 'Voucher Display Reprint' transactions in Program #2

                2)   Use the ‘Down Arrow’ key to move the cursor to the ‘Change Posting Date’ transaction.

                3)   Press the ‘HOME’ key.

                4)   Change the posting date to agree with the date the loan was originally entered.

                5)   Enter ‘Y’ to confirm this change.

 

3.   Access the ‘New Loan/Advance’ transactions.

     

4.   Enter the 'LOAN NOTE NUMBER' which is going to be reversed.

 

5.   In the ‘INSURANCE CODE/PREMIUM’ field choose the correct entry as follows:

                1)   If the original loan did not have insurance skip this field

                2)   If the original loan had monthly-add on insurance and a code was entered in this field,

                      enter 'N' now to indicate there is no loan insurance for this note number.

                3)   If a premium was added to the original loan, enter the same amount with a minus sign (-)

                      before it.

 

6.   Press the 'ENTER' key until you reach the 'NEW LOAN FUNDS' fields. 

 

7.   Choose the same field that was used for the original loan (check, cash or transfer to shares). 

 

8.   In the appropriate field enter the amount of funds advanced on the original loan, with a minus (-) sign 

      before it. 

 

9.   If the 'Transfer to Shares' field was used, enter the share type the funds were transferred into in the appropriate field.

 

10. The 'New Loan Balance' displayed on this screen display should now be zero (0).

 

11. No further changes are needed, so press ‘ENTER’ until you are prompted to press ‘F11’ for the voucher.

 

12. Check the voucher to be sure that your entries are correct.

 

13. Enter your Teller Password and press the ‘F9’ key to enter the transactions and print the voucher.