In order to add a deferment, you have to follow these steps:
- In the Matrix go to Loans
- Choose the loan you need to add the deferment to
- Find the invoice(s) you want to defer
- Lets say we want to defer August and September invoices:
- At the top of the Loan Page click on Move Due Date
- Choose Postpone Due Date by Number of Months
- The next section allows you to choose what date you want to start moving invoices from
- Since we want to move invoices for August and September, we are going to choose August 1 as our date
- The next section lets us decide what line items we want to defer, normally this will be Principal and Interest
- The next section lets us choose how many months we want to defer
- Since we want to move 2 months worth of invoices (August and September) we will put 2 here
- Add a reason below for the deferment, this is a required input field, and has to be filled out
- Then click Apply
- Now we can see here that the Principal and Interest have been removed from August and September's invoices
- We can see here that those amounts have been moved to the end of the loan
- With the loan defered you can see that the the next invoice date is unchanged so we need to change it to match the new due date. First
- First scroll down to the invoices and click the left arrow to show all invoices.
- Click on the"eye" icon to enter the invoice
- In order to edit the invoice, first click "cancel Invoice".
- Now that the invoice is canceled you will be able to click "Reset to draft" which will allow you to then click "edit".
- You can see here that the Invoice date and the Due date do not match. All we need to do once we are in edit mode, is to copy (ctrl+C) the Due date, and paste it (ctrl+V) into the Invoice date field.
- Click "Save" and then "Validate"
That's it! This is how we create deferments!