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Loan Fees during disbursement

Note: Loan clients may be required to pay some fees and commissions on loans during the various stages of the loan process from application to disbursement.

This feature allows a user of Loan performer to pay loan fees during disbursement.

When you decide to levy the loan fees during or at disbursement by specifying the amounts under the menu "System/Configuration/Loan Product Settings/Fees", These fees amount will be reflected in the respective fields during disbursement. Unlike other fees there is no additional feature showing up.

Loan performer disbursement screen by design has fields for entering fees during disbursement and usually comes empty unless specified under menu System/Configuration/Loan Product Settings/Fees as seen below:

• Click on the disbursement label and a screen like one below appears:

• These loans should have already been applied for and approved before they can appear at this level.

• Click the Choose button and the all loans that need fees to be paid after approve will be populated in the grid of the following screen. Although these loans appear at the disbursement window the system will not allow the disbursement to proceed till the fees are paid.
• Pick the loan from the grid and click next.

The disbursement screen will shows up with the loan selected and the amounts specified under menu System/Configuration/Loan Product Settings/Fees as shown below:

• Loan Amount to Disburse: By default, the amount applied for will appear here. You can change it if you are making a Partial disbursement i.e. disbursing less money than what was applied for but it can not be more than the application amount. This is usually for a loan that may be disbursed in phases for instance an agricultural loan disbursed for planting, harvesting and post harvest handling.

• Note that in case of a partial disbursement where the loan is disbursed, let's say, in two installments in two different phases, the loan ledger card will keep the same Loan number and the original loan amount.

• Disbursement date: Enter the disbursement date here e.g. "12/06/2017". Loan Performer checks and makes sure that the date you have entered is not before the date of loan approval or date of payment of loan commission.

• Please note that if at Loan Application you have activated the option "Interest deducted at disbursement" then the "Loan Amount to Disburse" will be less by the loan interest amount. However on the loan ledger card, the disbursement shows that the total loan amount has been disbursed as well as the total interest due on the disbursement date. It also shows a repayment of the interest amount on the same disbursement day. If Accounting is activated, you will notice that Loan Performer booked the interest to the Interest Received account (profit account) at the moment of disbursement (see: Accounts/Retrieve Transactions).

• Voucher: Enter here the payment voucher number e.g. "00000674". This field can be made compulsory by ticking the option "Voucher number is compulsory at entry of transactions" under System/Configuration/Register Part 2. If  made compulsory, this box will appear in yellow colour.

• However, if you ticked the option "Receipt number should be used as voucher number" under System/Configuration/Receipts/General settings, this field will be read only and the system will generate the voucher numbers automatically that will be similar to the receipt numbers.

• Fees: All the fees with their corresponding amount swill appear here as specified under System/Configuration/Loan Product Settings/Fees. You can also enter these fees afresh if you wish to change. These amounts can be predefined/made compulsory by ticking the corresponding check box under the menu System/Configuration/Loan Product Settings/Fees. The fees will be deducted from the loan amount being disbursed.
• Payment mode: Select the payment mode used e.g "Cash". The cash account should have been defined under

Note:
1. Before a client can pay these fees, you need to set the General Ledger accounts (GLs) where these fees will be booked under the menu System/Configuration/loan product settings/Loan GL accounts settings part 1.
2. In the current state,the fees above can be adjusted by the user at this level. You can however make them compulsory by ticking the check box on the right of the fees under System/Configuration/Loan product setting/fees.

 

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