Support ›› Manual ›› Credit Management ›› Operations ›› Recurring Procedures ››
Carry Forwards Installments.
Use this sub-module to manage carry forwards installments on customers accounts.
These are charges that are not paid upfront upon loan disbursement but are paid afterwards during loan recovery.
This sub module helps define how a customer intends to repay the carried forward charge - through installments.
NOTE : This operation is only applicable for loan products.
To access this window, click :Credit Management - > Operations - > Recurring Procedure - > Carry Forwards Installments.
The following window opens up :
Carry Forwards Installments Fig 1.
The available installments are displayed.
NOTE : The carry forwards installments are automatically created once a loan whose applicable charges are defined as carry forwards.
These installments cannot be created by a user, but can be modified to according to the loanees' repayment plan.
To avoid double deductions, once a carry forward charge is defined for a loan, ensure the normal disbursement fees & any other applicable charges
are catered for in the carry forward and disabled from the upfront recoveries.
The amount payable per installment is subject to the number of installments defined when setting up the charge.
Consider the following :
Carry Forwards Installments Fig 2.
In this instance, the processing fee is 1.25% of the loan amount; the loan amount in question is 250,000.
This equates to KSh. 3125 as the processing fee which is defined as a carry forward, whose repayment is divided into 2 installments :
Carry Forwards Installments Fig 3.
That trickles down to the amount on the carry forward installment, which can then be edited :
Carry Forwards Installments Fig 4.
Carry Forwards Installments Editing :
To edit a carry forward installment :
Identify the customer whose installment is to be modified.
Click on the edit icon
against the installment to open the following window :
Carry Forwards Installments Fig 5.
Make appropriate changes to the Amount and Reference fields.
Click update to commit the changes into the system.
On successful completion you will get a pop up message confirming that the operation was successful.
The new installment for the carry forward repayment is captured and will be used for the subsequent recovery of the charge.
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