{"id":7395,"date":"2021-08-26T13:01:52","date_gmt":"2021-08-26T13:01:52","guid":{"rendered":"https:\/\/wiki.habiletechnologies.com\/index.php\/docs\/cloudbankin-documentation\/getting-started\/charges\/"},"modified":"2021-09-11T13:52:40","modified_gmt":"2021-09-11T13:52:40","slug":"charges","status":"publish","type":"docs","link":"https:\/\/wiki.cloudbankin.com\/index.php\/docs\/cloudbankin-documentation\/getting-started\/charges\/","title":{"rendered":"Charges"},"content":{"rendered":"\t\t
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Charges are an amount of money that the user has to pay, such as Fees & Penalties.<\/strong><\/p>

  • Fees <\/b>– Fees are charged for services like membership fees, loan disbursement fees, withdrawal fees etc.,<\/span><\/li>
  • Penalty <\/b>– Penalties are fees that a customer should pay if they violate the terms of a product. E.g., Late Payment, Early Withdrawal, etc.,<\/span><\/li><\/ul>

    Charges may be associated with a product. When an account is opened based on a product that charges have been associated with, the account will include all charges that are associated with the product. The charges are not defined for a particular product, may be associated with individual client accounts.<\/span><\/p>

    Charges support for <\/span>Loan, Savings & Deposits, Client and Shares.<\/span><\/b><\/p>

    Go to <\/span>Admin<\/span> <\/b>->> <\/strong>Product<\/span> <\/b>->> <\/strong>Charges.<\/span> <\/b>Click on the <\/span>+ Create Charge<\/span> <\/b>to add a new charge to your loan account.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    In the charges form, it displays the existing list of charges.\u00a0<\/span><\/p>

    If the user wants to create a new charge click on <\/span>+Create Charge.<\/span> <\/b>In the Create Charge form, select the charges applied from the down down and update the necessary details for the new charge.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    Fields & Description<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    • Charges applies to<\/b> (<\/b>*<\/span><\/b>)<\/b>– <\/b>Select the values from the drop down to apply the charges. (e.g, Loan)<\/span><\/li>
    • Name (<\/b>*<\/span><\/b>) – <\/b>Specify the name of the Charge<\/li>
    • Display Text – <\/b>Specify the name of the Display Text<\/li>
    • Currency (<\/b>*<\/span><\/b>) – <\/b>Select the currency from the drop down<\/li>
    • Charge Time Type (<\/b>*<\/span><\/b>) –<\/b> Select the Charge Type from the drop down<\/li>
    • Charge Calculation (<\/b>*<\/span><\/b>) –<\/b> Select the Charge calculation to be added<\/li>
    • Charge Payment By (<\/b>*<\/span><\/b>) – <\/b>Select the mode of payment from the drop down<\/li>
    • Amount (<\/b>*<\/span><\/b>) –<\/b> Specify the amount to be charged<\/li>
    • Active –<\/b> Check the box if this charge is Active<\/li>
    • Is penalty? – <\/b>If this checkbox is selected then the particular charge will be mapped to
      Penalty<\/span><\/b>. If the checkbox is not selected then this particular charge will be mapped to
      Fees.<\/b><\/span>
      (In this example, the charge name is selected as Penalty).<\/span><\/span><\/li><\/ul>

      Now in the <\/span>Accounting<\/span><\/b> module, it shows the penalty name which we have added.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      If the user wants to add the value for charges they can do it in the below way.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      Now the user can create an accounting rule against the penalty types.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"featured_media":0,"parent":5667,"menu_order":4,"comment_status":"open","ping_status":"closed","template":"","doc_tag":[],"class_list":["post-7395","docs","type-docs","status-publish","hentry","no-post-thumbnail"],"yoast_head":"\nCharges - Wiki<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wiki.cloudbankin.com\/index.php\/docs\/cloudbankin-documentation\/getting-started\/charges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charges - Wiki\" \/>\n<meta property=\"og:description\" content=\"Charges are an amount of money that the user has to pay, such as Fees & Penalties. 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