Create a Loan Authorization

To create a Loan Setup (LOANS) transaction in order to create a new loan authorization, perform these steps:

1. Create a LOANS transaction

2. Navigate to the Authorization tab where a row will already be inserted for you and complete.

• Authorization Debt ID, Authorization Name, and Authorization Short Name: (Enter values of your choosing)

• Authorization Status field: Inactive (setup for later business task – Change Status of an Authorization.

• Responsible Department: leave to default from the transaction header.

• Authorization Date: 1st day of this month

• Authorization Start: 1st day of next month.

• Authorization End: leave blank

• Authorized Amount: $500,000.00

• Debt Type: External Loan Given (setup a later task – Create a Loan Application for a Borrower)

3. Navigate to the Authorization COA tab where a row will already be inserted for you and complete the following:

• Fund: Enter fund defined for the loan program

4. Validate the transaction

5. If errors exist, fix the errors and repeat Step 4. If no errors exist, continue with Step 6.

6. Submit the transaction.