Periodic Billing Statement Shows Transaction Activity for Entire History of the Loan instead of only Last Month's Transaction Activity

Periodic Billing Statement Shows Transaction Activity for Entire History of the Loan instead of only Last Month's Transaction Activity

When you produce a Periodic Billing Statement for a loan, you may find that the transaction activity on the Periodic Billing Statement shows activity for the entire history of the loan, instead of just the expected activity for the past month.


Environment:

Servicing Director Periodic Billing Statement

Workaround:

The activity reflected on the Periodic Billing Statement includes all activity between the Next Periodic Bill date and the Last Periodic Bill date.

These dates are found in the Customer Service application, Dates screen.

 

Most likely, the Last Periodic Bill date had no value in the field when the Monthly Billing Statement Update was run, and so the last periodic billing date is assumed to have been the date the loan was first set up. This causes the transaction activity to start at the very beginning.

 

To correct this situation, you will need to first reset the Next Periodic Bill date and the Last Periodic Bill date back to the previous billing cycle dates.

You can do so by running the event called Update Next Periodic Bill Date Update.

Please review the Help Topics for all the specific details on how to run this event.

 

Once you have confirmed that the Next Periodic Bill date and the Last Periodic Bill date are correct in the Customer Service, Dates screen, then you can proceed to run the Monthly Billing Statement Update event, and create your Periodic Billing Statements as normal.

ArticleNumber:

000065914