A charge-off indicates that a portion of the receivable balance of the loan has been determined to be uncollectible. All or a portion of the loan asset may be charged off. Through the RETAIL Charge-Off Processing interface, a loan charged off is closed or partially reduced on the performing loan system, and transferred to the charge-off system. The appropriate general ledger entries to close or partially reduce the loan are automatically generated on the active loan system and entries to open the loan are automatically generated on the charge-off system.
The RETAIL Charge-Off Processing system provides reporting options, including the following:
- Charge-off Today
- Full Charge-offs
- Repo/Charge-off Report
- Charge-off Interface Detail and Control
- Past Due Loan Report (Partially Charged-off Loans Only)