ODP Manager is updated daily, through the extract file import process, with the current information from the core processor; however, your users may benefit from some of the hosted software’s manual tracking features to monitor other data as well.
If your users need a better tool to manage the charge-off and recovery process after the deposit account has been closed, the Charge-Off Items and Recoveries feature included in ODP Manager may be helpful.
Once an account has charged off, you can create a charge-off item to track the charged off principal and fees. Notes can be added when the item is created or throughout the recovery process. Updates and changes are also logged. When recoveries are made, they should be entered in ODP Manager, reducing the overall balance tracked.
To monitor the overall status of charge-offs and recoveries, a summary screen displays basic charge-off information and status. By default, ODP Manager displays the Charge Off Items for the last year, but a different timeframe can be selected by specifying a start date and an end date. For reporting purposes, the charge-off item summary can be exported as a PDF.
Please contact Strunk Support at firstname.lastname@example.org with any questions or to find out more about using this feature.