The Check Inquiry and Unapplied Suspense Balance modules within Solifi’s Lease and Loan Portfolio Management Software now provide visibility into the history of a transaction. This allows customer service team members to trace transactions with greater ease within the software application. Previously, the transaction history was captured behind the scenes and organizations would need to develop extracts/InfoTrieves to retrieve their data. Now, that data is available within the application interface. Win! Win! Win!!
Check Inquiry
When selecting check history transactions while searching for a check number, the software provides the ability to view the full history from within the Actions menu.
If a payment was allocated to a contract and then a correcting payment was performed, a user may view whether a payment refund was issued to a client, reallocated to a different contract, or reallocated to different charges on the same contract. The user will be able to see all those transactions associated with the check via one page within Check Inquiry. Users can then drill into each transaction to view additional detail.
Example 1
- Check 1001 for $5000.00
- Applied to contract 001-1234567-000
- Correcting Payment places the contract into Unapplied Suspense Transaction 3130.
- Split the 3130 Transaction associated with 001-1234567-000 to allocate $3000.00 to 001-1234567-000, $2000.00 to contract 001-1234567-001, and refund the remainder to the client.
- Check Inquiry for check 1001 will include all the above detail for the user to view and drill into.
Example 2
- Check 5123 for $32,000.00 posted to Disposition Suspense
- Disposition processed for $30,000.00, received $2,000.00 refunded to customer.
- Check Inquiry for check 5123 will include all the above detail for the user to view and drill into.
Servicing accounts is simplified with Check Inquiry, but what if you don’t have a check number, or a user only has an Unapplied Suspense Number?
Unapplied Suspense Balance
The Portfolio Management Software allows users to search for unapplied suspense transactions via Unapplied Suspense Inquiry. Your organization must have the Unapplied Suspense Balance feature activated for this functionality. Contact Tamarack for assistance on enabling the feature. Remember to uncheck Current Transactions if searching for a transaction that was fully posted.
A user can enter the Unapplied Suspense Transaction Number or search thru Unapplied Suspense Transactions via multiple search criteria, then select the Unapplied Suspense Balance. Historical detail on how the funds were processed will display in the Unapplied Suspense Balance module.
Example 1
- Unapplied Suspense Transaction 2182 for $5000.00
-
The payment was a wire that was received, but when entered, the associated
documentation was unclear as to which contract it should be allocated to.
The user put the funds into Unapplied Suspense to account for the
transaction until further research was completed.
- Research determined that the funds should be allocated to contract 001-2345678-000 which had $4500.00 in charges due.
- $4500.00 was applied to contract 001-2345678-000 and the remaining $500.00 was put back into Unapplied Suspense.
- $500.00 remained in Unapplied Suspense until new charges were created via Invoicing and the Unapplied Suspense was allocated toward these charges.
Example 2
- Unapplied Suspense Transaction 3691 for $3000.00
-
The payment was a wire that was received and when entered, the associated
documentation was unclear as to which contract it should be allocated to.
The user put the funds into Unapplied Suspense to account for the
transaction until further research was completed.
- Research determined that the funds should be allocated to contract 001-9876543-000, which had $2500.00 in charges due.
- $2500.00 was applied to contract 001-9876543-000 and the remaining $500.00 was put back into Unapplied Suspense.
- $500.00 was refunded to the customer.