1.       Do a quick search for the contract ID, and double click the icon for Payoff Calculator.

        2.       Click the “Loan Items” tab at the top, and select the assets to payoff.

              

     3.       Go back to the Payoff tab, and input the Payoff Date. This is the date interest is accrued through.

        4.       Click Calculate Payoff

·         IDC Amount – Misc Billable will need to be created

·         Penalty Amount – Misc billable will need to be created

·         Total Amount Due – The amount the customer is sending you

              

         6.       Because we are not paying off the entire contract, we need to click the Create Asset-level Loan Payoff to pay off a single asset.

              

 

         7.       From the Select Assets for Payoff screen, input the Contract ID and select the asset.

         8.       Click Payoff Asset.

              

 

 

           9.       Input the check amount you received from the customer.

           10.   Make sure your GL post date and effective date is the same as what is on the payoff quote.

              

 

           11.   Then Post it.

                

 

         12.   Note that $1300.47 is going to unapplied Cash. That is the IDC and the Prepayment Penalty.

         13.   Create a Misc invoice for each of those on the Tasks menu - Misc Billing screen.

             

 

        14.   In Cash Management, find that unapplied cash, and click re-apply.

        15.   Click the Append Invoices To Receipt button.

        16.   Click on the misc billable you just opened, then click OK.

                       

 

         17.   Select that new invoice.

·         Keep the other invoices still checked as you are still applying this check to the original payoff.

 

              

          18.   Click Post.