Small balance write-off

Small balance write-off

The small balance write off functionality within Clearmatch only applies to an amount owing by the borrower not an amount that we owe the borrower. If we owe the borrower money they must withdraw it by logging into the portal and withdrawing funds from their fund account.

The small balance write off is set by the finance company and any finance agreement with a balance less than or equal to this amount will be settled and the small balance write off amount written off. This is traditionally done when the balance of the finance agreement becomes more expensive to try and retrieve for what it is worth.

To set the small balance write off:

1. Navigate to Configuration > Setup:



2. Select Products under Products:



3. Select the product of interest either by clicking on the link to the Finance Company or Description:



4. Select the Business Rules from the association tab by selecting it from the drop down list or from the quick link (if enabled):



5. Look for the most recent version of the Small Balance business rule (based on the Effective Date) and click on the link under Description to open: 



6. Select the Other option from the drop down list or quick link (if enabled) to view the set tolerances for that business rule:



Regardless of what the tolerance is set to, it is only applicable for money that the borrower owes us, i.e. Debit not Credit.  Look at the value in the Debit section. That is the amount set for small balance write off.

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