Use this sub-module to set up the various Credit Types for example; salary, dividends, casual workers pay etc.
In this sub-module you can also tag applicable charges to that Credit Type, attach loan products, and also attach investment products that will be applicable to that credit type.
To access this window, click:Accounts Management - > Setup - >Miscellaneous -> Credit Types
The following screen will open up:
Click on the ADD NEW Button, to open the following screen:
On the above screen, fill in the required fields.
Name - Enter the name of the Credit Type to be created
G/L Account - Click on the lookup icon to select the appropriate G/L Account for that Credit Type:
Revenue tax :click on the lookup to select the appropriate Revenue Tax
Payroll number types click on the lookup to select
Unallocated funds Destination - select from the drop down the appropriate destination whether investment or savings.
Unallocated funds Product :click on the lookup and select the appropriate Product.
Transaction Ownership - Select the appropriate type of transaction ownership from the drop down list:
Applicable Charges - select by clicking on all the applicable charges:
For example if it's a salary processing Credit Type, the applicable charges can be "salary processing commission"
Applicable direct debits - select the applicable direct debits.
NOTE : The applicable direct debits are the debits previously created in the direct debits sub module.
To capture a new / applicable one, please refer to Direct Debits.
Offsetable Loan Products - Select Loan products that are to be tagged to this Credit Type:
Toggle selection is to select all either Bosa products or Fosa Products
Credit Types Fig 6.
Concession-Exempt Loan Products - select the concession exempt loan products that are to be attached to this credit type.
Credit Types Fig 7.
Offsettable Investment Products - Select the investment products that are to be tagged to this Credit Type :
Credit Types Fig 8.
Concession exempt investment products - select the concession exempt investment products that are to be attached to this credit type.
Offsettable Savings Products - select the savings products that are to be attached to this credit type:
Credit Types Fig 9.
Concession exempt savings products select the concession exempt savings products that are to be attached to this credit type.
Credit Types Fig 10.
When done click on the CREATE Button to complete this task.
On successful completion you will get a pop up message confirming that the operation was successful.
Flags
Suppress account Alerts?- Check the flag to suppress account alert
Suppress minimum Balance validation? -check to suppress minimum balance validation
Suppress grace period validation? - check to suppress grace period validation
Enable hybrid loan recovery? - Check to enable hybrid loan recovery
Apportion unallocated funds? -check it to apportion unallocated funds
Recover indefinite charges? -Check the flag to recover indefinite charges
Recover carry forwards? - check the flag to recover carry forwards
Recover Sundry arrearages? -check the flag to recover sundry arrearages
Suppress multi-Payout Recovery? - check the flag to suppress multi-payout recovery
Tax inclusive? -Check it to make the credit type tax inclusive
Validate interest capitalization? - check the flag to validate interest capitalization
Execute adhoc standing orders? -check the flag to execute adhoc standing orders
Throttle scoring? -check the flag to allow throttle scoring
Validate indefinite charges? -check the flag to validate indefinite charges
Is locked ?- check it to make the credit type no longer operational
Editing A Credit Type:
First Identify the Credit Type to be edited :
Credit Types Fig 10.
Then click on the edit icon against it to open the following screen
Credit Types Fig 11.
On this Edit screen, modify the data on the necessary fields - Name, G/L Account ,Transaction Ownership, Applicable Charges, Applicable direct debits, Attached Loan Products, Concession-Exempt Loan Products, Attached Investment Products & Attached Savings Products.
When done click on the UPDATE Button to complete this task.
On successful completion you will get a pop up message confirming that the operation was successful.
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