When releasing funding, using the 'funding' or 'to borrower' payment types, at the top of the payment box, under 'Payment Info', you'll see two date fields, 'Sent' and 'Release After'. Here is the function of each date:
Sent: This is the date at which the Baseline system will count the payment as sent to the borrower and record it against the loan, using this date to begin calculating per diem payments. If you sent your borrower a cheque, bank transfer, or other payment type that does not immediately settle, on October 1st, it may take 3-4 days for their bank to clear the payment and make the funds available to them. Marking it as 'Sent' on October 1st will ensure you still receive any interested owed on funded amounts on the day the funds were released, not the day the borrowers bank made them available to them.
Release After: If the 'Sent' and 'Release After' dates are different, with 'Release After' falling after 'Sent', 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 Bank Transfer to your borrower. I.e. if you set it to 5 days after received, and there have been no issues with your funds clearing for your borrower, you're in the clear.
