FAQ Frequently Asked Question

Reversing the payment will primarily affect the principal and interest parts of the payment, as well as reverse any assessed late charges. This reversal will adjust the balances, including the number of loan payments and dates, the late charge balance, principal balance, and Year-to-Date (YTD) and Life-to-Date (LTD) Principal & Interest. However, the buyer fees and late charge payments are not part of the payment reversal and will need to be handled separately as a bookkeeping task to return the amounts to the buyer.

When your Lincoln Data account is set up, the payment frequency is set, so you can customize this to a bi-monthly payment structure. However, you cannot create bi-weekly payments.

If you encounter an error message about your calculations when posting payments, try the following steps to resolve the issue:

Rerun RCR to create fresh temporary files.
Run the registers and assign the same check numbers as you previously used.
Run UPF to update your day’s work.

These steps usually fix the problem and ensure your calculations are correct

The best way to back out payments due to an NSF check is to perform an MTE adjustment for both payments. This method will ensure that the adjustments are clear and easy for the customer to review on their account history. Additionally, check the last good payment to see if any accrued or prepaid interest needs to be adjusted accordingly.

To fix a payment posted to the wrong account due to an incorrect account number, follow these steps:

Use MTE to adjust the Principal Balance (PBAL), Year-to-Date Principal (YTDP), Year-to-Date Interest (YTDI), interest paid-to-date, and payment due date to the correct values.
Print the Account History Log (AHL) and highlight the last correct payment to establish a baseline for the adjustments.

If a negative balance is showing on the Batch Calculation Summary after running RCR, it is likely because a debit payment was updated in the ACH Debit payment amount but not in the reserve field. To resolve this, ensure that the debit payment is also correctly updated in the reserve field. This should correct the negative balance in the summary.

Payment Questions

If we need to reverse a payment and the associated fees, will reversing the payment also undo the fees charged? How does the reversal affect the balances and payments?

How do I set up an automatic debit with either a bi-weekly or semi-monthly payment structure?

What should I do if I get an error message about my calculations when posting payments?

How can I back out payments due to an NSF check, and what is the best way to do this?

How can I fix a payment posted to the wrong account due to an incorrect account number, especially since another payment has been made since then?

>What should I do if there is a negative balance showing on the Batch Calculation Summary after running RCR due to a debit payment?