How to Add a Charge to a Loan Account
Charges (fees and penalties) can be charged to loan accounts in three ways:
Charges are inherited from the product definition. A loan officer may have the ability to remove one or more of these charges from a loan account. When a charge is removed from a loan account, other loan accounts are not affected.
Charges (not yet associated with the loan account) can be selected and attached to the loan account.
Miscellaneous charges (one time charge) can be charged to a loan account. The loan officer specifies the amount, which is added in the next payment.
Charges may be added at the time of loan account application and when a loan account is Pending Approval, Approved, and Active. Adding a charge to a loan account does not affect the loan account's status
To inherit charges from the product definition
While completing a loan account application for a client, keep the charges that appear in the loan account. Complete any fields that do not default such as a date that may be required.
To add charges to a loan account
When editing a loan account, navigate to the Charges section. See Loan Account Fields Charges.
To add miscellaneous (one-time) charges to a loan account
When viewing a loan account, click +Add Loan Charge on the action bar.
Select Charge type from the list.
Complete the fields required for the charge.
Click Submit.
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