I have received six delinquent payments. Do I have to post one at a time or can I post all in one Transaction Code 01?

Answer

There are two choices on how to post the payments. The first is to post each payment with a Transaction Code 01, each for the amount of a regular payment. The second choice would be the MP (Multiple Payments) Transaction Code. With this option you enter the total amount to post, then a screen will open to enter the number of 01 Transaction Codes you want to post. With this option, you can also post late charges and other items for the loan all at one time. If you want to reverse any of the transactions in an MP transaction, you need to reverse the MP transaction for the total amount posted. This will automatically reverse all the associated transactions. After the reversal is completed, reapply all transactions correctly.

Note: MP and MT Transaction Codes cannot be used for loans calculated on a 365-day year.