Standing Orders

Use this sub-module to modify or create standing orders for customers. 
Standing Orders are instructions a bank account holder ("the payer/ Benefactor") gives to his or her bank to pay a set amount at regular intervals to another's ("the payee's / Beneficiary") account.

To access this window, click: Front Office Management - > Operations - > Customer Accounts - > Standing Orders

The following screen will open up:

Standing orders list.

NOTE: Always Remember to click on REFRESH Button to reload the data onto the screen. 
You can also increase the number of Items per page from 100 to 1000 have a wider range on view.

All the available standing orders will be displayed on the screen. 

Select the trigger, benefactor/ beneficiary & a search filter then refresh to view the desired standing orders. 

Flag:

Exclude Locked - Tick this flag to exclude locked standing orders from the list. 

 

Creating A Standing Order 

Click on the ADD NEW Button, to open the following screen:

Creating a Standing Order.

On the above screen:

Benefactor Account Number - Click on the lookup icon and select the benefactor account from the Customer Account Lookup dialog box: 
NOTE: The Benefactor account can be either Savings or Investment so use the Product drop-down to select the type of product applicable.

Customer Accounts

The Benefactor Product & Benefactor Account Name details will be populated. 

Beneficiary Account Number - Click on the lookup icon and select the beneficiary account from the Customer Account Lookup dialog box. 
The Beneficiary Product & Beneficiary Account Name details will be automatically populated. 

Credit Type - Select the credit type with which the standing order will only execute when the payout/checkoff is posted using the said credit type.

Credit Types

Frequency - Select the appropriate frequency from the drop-down menu.
This is how frequently the standing order will be executing. 

Frequency

Duration Type: This can either be set using a date range or set the duration of months.
(Date Range) - Select the Start Date & End Date from the calendar icons.  
(Duration (Months)) - Select the Start Date from the calendar icon and input the Duration of months the standing order should run. 

Beneficiary Loan: When picking a loan as the beneficiary, the following fields will need to be filled

Loan Payment details

Payment per Period - Enter the amount that's to be deducted and paid to the beneficiary account after every payment period is reached.

Principal - Enter the principal amount being serviced. 

Interest - Enter the interest to be accrued upon the principal. 

Beneficiary Investment/Savings: When picking an investment as the beneficiary, the following fields will need to be filled

Charge Type

Charge Type - The charge type is either Fixed Amount or Percentage.

Charge - Enter the amount to be charged is charge type is fixed amount, if percentage, enter the percentage value.

Trigger - Select the standing order trigger from the drop-down menu: 

 

Trigger

Remarks - Provide appropriate remarks into this field. 

Flag:

Chargeable? - Check the flag if the standing order is to be charged. 

Is Locked? - Check the flag if the Standing Order is to no longer be used.

Click on the CREATE Button to capture the standing order into the system. 

On successful completion you will get a pop-up message confirming that the operation was successful.

Successful creation of a standing order

 

Editing A Standing Order

First Identify the Standing Order to be edited.
Right Click on the edit icon against it to open the following window: 

Editing a Standing Order

On the above screen: 

Modify the necessary entries of the standing order. 

Click on the update button to effect the changes. 

On successful completion you will get a pop-up message confirming that the operation was successful.

Successful editing of a standing order

 

Viewing a Standing Order     

Identify the standing order you wish to view, right click on the standing order and select the view option to open the following window:                      

View a standing order

The Execution History pane shows the execution history of the standing order.