Commitment Transaction

TEA 10 now allows you to create transaction-level Commitment transactions. We have added a new transaction type to facilitate the recording and management of committed or approved funds. By recording the Commitments in the transactions, general ledger integration is possible. This significantly enhances fund management as all the reporting and transactional information is contained in one table. Additionally, by recording Committments in the transactions, you will have the ability to deallocate committed funds and assign them to the approriate funding pool or source. As well, undisbursed amount are tracked at a transaction level and can easily be reported on by date.

Commitment transactions will be added to loan transactions during the conversion process. For each Term record with a New amount, a Commitment transaction will be inserted in the appropriate location based on the date of the Term.