On the main loans screen you will see details of loan repayments due. There are options at the top of the screen on which loans you see and the date range of repayments that you see - you can select to see repayments due in the next 7, 15, 30, 45, 60 or 90 days, either for all loans or one specific loan. Or you can enter a date range to select all loan repayments within this range. Then you can select the payments you want to post. Before posting you can adjust the payment dates - these default to the due date - and add any additional interest, and/or principal payments made if the plan allows it.
Q.S. Tip: Any payment with ‘Added Principal’ payment must the only payment being processed for that participant in the current updating and posting. This allows the software to recalculate the remaining repayments. |
Once you have made any adjustments to payments, check the payments you want to post, and then click the ‘Post Loan Payments’ link. This will create two transaction batches, one moving amounts of principal from the loan fund to other investments(s) and one showing interest payments. The batches go to the pending area in the Transaction menu; when you move them to the posted, area the loan payments will be reflected in the financial reports and participant statements.
