This process is used when Repaying (Transferring) a facility in the Funding module from the ‘Trading bank account’ (non-Funding). The process will generate a PAYMENT from the ‘Trading’ Bank to the Facility as a receipt. The opposite values can be used if the repayment needs to be performed the other way
In this example we are moving $ 99,000 into the Senior Debt – Construction Facility, FROM the Trading bank account (non- funding facility)
1. Select the Facility – This is the “TO” Facility
2. Select ‘Repayment’ Type
3. Enter relevant Reference and descriptions
4. Select the ‘Trading Bank Account’.
5. Enter the Value EX Tax, and no GST is applicable.
6. Select a the GL Account that’s corresponds to the ‘Trading Bank Account’ selected.
7. Click OK to save the transaction
8. Perform the ‘BANKING’ process in the GL in order to process the RECEIPT
The Resulting TRANSACTIONS are as follows
•The Facility balance in the Funding Module has now been increased by $500,000. i.e. MORE Funds available
•A Receipt is processed to the Facility Bank account for $99,000
9. The Journals generated are processed
•DR – Senior Debt Facility
•CR – Trading Bank account selected
10. A Payment, from the NON Facility account for $99,000, has been processed to the selected ‘Trading Bank Account’, with the corresponding Journals above
