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Charges and Rewards

Charges and Rewards is another Loan Performer feature that facilitates the charging or rewarding of several client accounts in an instance. This is useful especially if you have charges that are levied on groups of accounts at a given time for example, if all accounts are charged with ledger fees then this can be accomplished using this feature. It is also possible to reward a range of accounts with a specific amount.

How to levy charges and pay rewards to clients

To charge or reward clients you go to Savings/Charges and Rewards and a screen as the one below will be seen:

• Product: From the product drop-down list, select the savings product to charge or reward  e.g., “Free Savings”.
• Transaction Type:  From the drop down select the transaction type, e.g., “Charge” to debit the accounts or “Reward” to credit the accounts.
• Savings accounts cannot be overdrawn: If you tick this checkbox, then you can not charge more than the balance on the selected account.
• Currency: This field will appear as read only and will display the currency of the savings product selected. This should have been set at System\Configuration\Savings\Savings Accounts Settings.
• From Savings A/C ...... Till Account: Specify the range of accounts to charge/reward from the drop down list boxes, e.g., “Dalton James" to “Ojago Joseph”.
• Amount: Enter the amount to be charged on each of the selected account in the amount value box, e.g., “5,000”.
• VAT: This field will appear as read only and will display the VAT rates for the savings product selected. This should have been set at Support Files\VAT rates.
• Being: Enter the reason for the charge in the being: text box, e.g., “Extra Stationary Charges”.
• Date: Specify the transaction date in the Date: field, e.g., “07/07/2021”.
• Exclude closed accounts: When this option is ticked, the charges/rewards will not be added to the closed accounts.
• Only Dormant accounts: If this option is ticked then only the dormant accounts will be affected.

Specify the GL Account to which these charges will be booked from the GL Accounts scroll window. The GL account number will automatically be populated in the To be booked to account text box. e.g. “440125”

Click on the Save button to complete the transaction. A Loan Performer dialog displays the number of accounts to be charged and the total charge amount, e.g., "6". and " 30,000"

Click on the Yes button to charge the accounts. (The accounts are charged and a dialog prompting for a print out is displayed)

Click on the Yes button to preview the accounts charged. The report will look as follows:

Close the preview window or print dialog. (Loan Performer prompts for a posting of the transactions to the accounts).

Click on the Yes button to post the transactions. The charges will be booked to the various accounts. You can view a report on charges and rewards for given period at Savings ->Savings Reports ->Savings Transactions Report.

Related Topics

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