REVOLVING LOAN SERVICING SOFTWARE – NEXT PAYMENT DUE DATES
When entering Loan Activity into your Grants Management Systems Revolving Loan Software, pay particular attention to the accuracy of the Next Payment Due field. The date that is entered here determines the delinquency status of your loan. It is used to determine if a late fee should be collected from the payment entered. It is also utilized for delinquency purposes on the Aging Report, Payment Status Report, and Late Payment Notices.
This Next Payment Due field will automatically advance one payment cycle for each loan activity entered. You may wish to edit this field if a partial payment was received or if the client will not be making payments for a specified period of time per their loan agreement (seasonal loans) or if you’ve negotiated with the client to consider their account current if they pay X dollars.
If you notice an error in this Next Payment Due field after the activity has been saved, it may easily be corrected by going to Tools/Build History.
