Loan Payoff Immateriality Amount setting in Accounting Options > Loans

The video discusses the "Loan Payoff Immateriality Amount" setting that is held within the Administration > Accounting > Accounting Options > Loans tab.  This setting will allow the user to process a Loan Payoff within the Tasks > Cash Management screen that is less than the actual amount due if the amount received happens to be LESS THAN the Loan Payoff Immateriality Amount and will consider the Loan Paid in Full so that the user can continue on to terminate the Loan Contract.

The default setting is $0.00.

Click HERE for the link to the video.

• Related Articles

• Full Payoff - Loan

  See the attached document for complete details. The attached document walks through the process of fully paying off a loan.

• Configuration settings in the ASPIRE Accounting Options screen

  Please refer to the various recordings that discuss the configuration settings on each of the tabs within the Accounting Options menu. This ASPIRE screen can be accessed within Administration > Accounting > Accounting Options. Each topic below will ...

• How do I apply a check payment to a Loan Payoff as well as to additional invoices, such as a Prepayment Penalty Fee?

  Due to limitations within older versions of ASPIRE (prior to 5.20.41), upon processing a check payment receipt for a Loan Payoff, you are unable to process that same check across any other invoices at the same time. You must first process the check ...

• ADB Loans

  See attached document for more details. ADB: Actual Daily Balance. A type of loan where the date of payment received affects the amount of interest paid each period. Earnings schedule of interest set at time of booking The date of payment received ...

• Understanding the Method for Booking Assets from Inventory setting in Accounting Options

  Within the Administration > Accounting > Accounting Options screen, there is a setting regarding Booking Assets from Inventory. The Capital Leases tab, Operating Leases tab, and Loans tab all contain this setting. The below videos will explain the ...