When recording a payment (or releasing funding), at the top of the payment box, under 'Payment Info', you'll see two date fields, 'Received' and 'Release After'. Here is the function of each date:
Received: This is the date at which the Baseline system will count the payment as received and record it against the loan. Let's say you get a cheque or receive an ACH payment from your borrower on October 1st, but it will take 3-4 days for the bank to clear the payment. Marking it as received on October 1st will ensure that the payment doesn't get marked as late for the borrower due to the bank's clearance window.
Release After: If the 'Received' and 'Release After' dates are different, with 'Release After' coming before 'Received', the payment will first enter a 'Pending' status. The Release After date is then the date at which the payment will change from 'Pending' to 'Cleared'. Using the same example as above, you might want to set the release after date on a buffer aligning with how many days a bank will take to validate and clear a Cheque or ACH payment. I.e. if you set it to 5 days after received, and the bank has not reversed the payment during this window, you're in the clear.
