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Latitude Help
Settlement Selection
If you have the appropriate permissions and select multiple accounts, you can specify a settlement amount for each account or all accounts proportionally based on the minimum settlement percentage of each account. You can also specify a lock-in settlement percent for a single account and then adjust the percentages on the other accounts.
Policies can alter the blanket settlement percentage set at the client level that drives the minimum settlement percentages for each account.
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The system can adjust the settlement percentage by a set number of percentage points based on the state in which the party resides.
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The system can adjust the settlement percentage by a set number of percentage points, a percentage of the settlement, or override it by a set percentage for the current user.
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If the payment instrument policy doesn't allow settlements below the blanket settlement and the adjusted settlement percentage is below the blanket settlement, the system sets it to the blanket settlement.
The system can also apply the settlement percentage to one of the following calculated money amounts:
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Net original balance with interest: Original balance plus all adjustment transactions and accrued interest.
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Net original: Original balance and all adjustment transactions without accrued interest.
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Original balance with interest: Original balance plus accrued interest but without adjustment transactions.
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Original balance: Original balance without adjustment transactions or accrued interest.
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Current balance: Current balance of the account at the time you take the arrangement.
The system can apply a second settlement percentage toward the current balance for accounts that already have partial payments and both amounts need satisfied to create a settlement arrangement. For example, the original balance of the account was $100.00. The blanket settlement percentage is 60% and there was a payment of $60.00 on the account. The account technically already meets the settlement requirements. By specifying a 20% current balance requirement to create a settlement arrangement, you must create an arrangement of at least $8.00. Otherwise, with no additional requirements for a settlement, you can create an arrangement for a penny and have that considered a settlement arrangement.