Payment Allocation, Overpayments and Repayments: Stranded Repayment Interest and Incorrect Credits: Disposal to Permanent Overpayments Classification 9
Where you need to dispose of stranded repayment interest or an incorrect credit
transfer the amount to OAS using the existing reallocation function for the appropriate head of duty.When the item appears on the OAS statement
use IRIS function INP221 to reclassify the amount (which can be of any size) to POP classification 9 (Surplus credit). For information about using function INP221 see IRIS3043.Any amount disposed of in this way will
- show in IRIS Functions COAS and BOAS with an out posting code of SRI (Surplus Repayment Interest)
- be identified as a separate type of POP on the Annual Balance listings and accumulations - these amounts do not need to be authorised and verified
- be shown at Section E (POP) of the OAS Analysis Statement - this statement provides cumulative totals of items and amounts for each posting type, and at the end of each month the cumulative totals are reported to Finance Office.