How do I read remittance journals?

Products relevant for remittance journals:

Climb loan products that have no advance:

  • EnrollMax
  • 0% Interest without Advance

 

What the two tables represent:

  • Top table: summary amounts for what has been paid to school
  • Bottom table: individual transactions that make up the summary amount
  • Clicking on Remit ID in the top table and bottom table will show each transaction associated with this remit ID. This will help you track which students’ payments make up the amount that was sent to your school.

 

When payments are sent:

Payments are sent Monday–Friday. If a payment is made on other days of the week, Climb will forward the funds on the next business day.

With payments being sent via ACH, journal dates will not match up exactly with the date payment hits your school’s account. The best practice is to look around the journal date (3–4 days before or after).

 

How to track refunds:

Refunds will show on the bottom table under Code as ADJ (short for adjustment). On the top table, any ADJs will tally up in the Non Cash Amount column. These amounts will not be sent to the school.

 

How to track late fees and insufficient funds:

Any late or insufficient fees a student pays will be sent to the school by Climb's servicing partner (UAS for loans funded BEFORE 10/16/23, and Launch for loans funded ON or AFTER 10/16/23). However, Climb will invoice for these fees which the school will need to pay by the end of each month.

  • Reversal = unsuccessful payment due to insufficient funds
    • If a payment is unsuccessful, this may not be caught until 2–3 days after payment is made. The servicer will send the full amount to your school as soon as possible but will hold back any reversed amounts from future payments.
  • Reversed columns can be seen as updates to individual transactions, and details can be found in bottom table.
  • Reversed by Remit ID states where the reversal was included/which Remit ID the amount was held back.

 

Full list of column definitions:

Top table (can be exported for easier view)

Column name

Definition

Journal Date

Date of payment — sent via ACH, which can take up to 2–3 business days to hit your account
Remit ID Identification number of payment sent to school
Total Amount Total amount sent to school
Cash Amount Actual amount that has been paid to the school — amount that would have been sent that day assuming there is no other funds to be made up for
Non-cash Amount Refunded amounts
Non-cash Amount Reversed Amount held back due to unsuccessful payments
Remitted Cash Amount Amount remitted to school

 

Bottom table (can be exported for easier view)

Column name

Definition

Effective Date

Date payment came in
Journal Date Date of payment to school
Code PMT — payment made; negative value
PMTR — payment returned/reversed; positive value
ADJ — adjustments or refunds
Amount Amount paid
Principal Principal amount paid
INT, LATE, NST Fees charged/paid by student for late or insufficient funds
Remit ID Identification number for payment sent to school
Reversed date Date payment was reversed
Reversed Amount Amount payment was reversed
Reversed by Remit ID Identifies Remit ID where reversal was included/held back from

 

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