Record Prepayment Details - A summary of the activity

Through this activity, you can record the payment details of a loan/advance that an employee made before the scheduled recovery date.

You must provide the following details about the prepayment:

•  The type of prepayment. For example, foreclosure or partial payment

•  The amount of loan/advance that is paid before the scheduled date

•  The mode of prepayment. For example, cash, bank or payroll

•  The period for which the prepayment was made

•  The date on which the payment was made

•  Details of  the bank instrument, if the prepayment is made by check or draft

•  Remarks on prepayment

You can modify or delete earlier recorded prepayment details.

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Prerequisites

The loan application for the employee must have been submitted.

What you can do in this activity

To record prepayment details of a loan

•  Identify the loan application for which the employee made prepayment

•  Specify details including the type, amount, mode of payment

•  Specify the period for which the prepayment is made

•  Specify details of the instrument, if the payment  is made by a bank instrument

•  Specify the actual date on which the prepayment is made

• You can submit records or retain them with you as a draft. Draft records can be altered later and  then submitted.

•  You can modify or delete records.