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Table of Contents (Online Help)

Loan Entry Part 2

This window displays the details of the loan amounts and allows some rounding adjustments of the decimals of the principal, interest and commission but not the overall total. It is a continuation from the earlier tab Loan Entry Part 1

• Modify installments: Select the installment you want to modify from the grid and the details will appear in the corresponding fields provided. You can then modify the installment and click update.

Note that even after the modification, the overall loan amount should not be affected other wise the system will not save the changes. See the image below:

• Due date: The due date will automatically appear here if modify Single installment is selected and it can also be changed.
• Principal: The principal to repay appears here but can be modified to e.g. "112,000 to 122,500", depending on which option you chose between modifying a Single installment or All installments and click on the Update button to effect the changes.
• Interest: The interest amount to pay appears here e.g. "10,384.62". You can modify it if you wish and click on the Update button to effect the changes.
• Commission: Enter in this field the commission amount to add to the repayment installments e.g. "100" and then click on the Update button to effect the changes.
• RndDown: Click on this button to manually round off the amounts of the repayment schedule to smaller amounts starting with the decimals. The small values deducted will be added to the corresponding amount of the last installment of the loan.
• R<<: Click on this button to manually round off the amounts starting with the decimals. The small values added will be deducted from the corresponding amount of the last installment of the loan.
• R>>: Click on this button several times to return to the original amounts of the repayment schedule.
  that some loan installments may have amounts that may not be practical to pay.
  
• RndUp: Click on this button to manually round off the amounts of the repayment schedule to higher amounts starting with the decimals. The small values added will be deducted from the corresponding amount of the last installment of the loan.

• Note that for the Due date, Principal, Interest, and Commission fields to be active, you need to have activated "Credit officer may change repayment schedule" under System/Configuration/Loans

• Put all dates to of the month: Select from the date picker the day of the month that you want the installments to start e.g. "01" and click "OK".

Note:

The field "Number of decimals" enables you to define the number of decimal places figures should have. Note that in LPF you can have a maximum of two decimal places. A positive value either "0", "1" or "2" entered in the field "Rounding on" does actually round off figures according to the number of decimal places specified. Therefore, enter in corresponding way either "0", "1" or "2" in those two fields in the menu Support Files/Currencies.

To get rid off decimals and small amounts you can not get as money, enter a negative value in the field "Rounding on". Then, amounts will be rounded off according to the number of decimal places specified regardless of the value entered in the field "Number of decimals".

Therefore, the field "Rounding on" enables you to automatically get rid of small amounts you can't get as money e.g the amount "87" of the figure "587.25". For loans, when you enter a negative value e.g "-2" in the field "Rounding on", then according to the number of decimal places defined in the menu Support Files/Currencies, the system will round off the decimals and the small values of full amounts to zero. This is to say, "587.25" will be rounded off to "600" by deducting the necessary amount to round it off from the last installment of the loan in the menu Loan/Loan application/Loan Entry Part 2.









Since the values added when rounding off the amounts are deducted from the last installment of the loan, you risk ending up with negative figures for a repayment schedule with very many installments. In this case the repayment schedule will result into negative figures because of the number of installments, the system will return the following error message and the user will not be able to proceed with the loan application in the menu Loan/Loan application/Loan Entry Part 1.



Note that Loan Performer also allows you to manually round off amounts by clicking the corresponding button in the menu Loan/Loan application/Loan Entry Part 2.


RndDown: Click on this button to manually round off the amounts of the repayment schedule to smaller amounts starting with the decimals. The small values deducted will be added to the corresponding amount of the last installment of the loan.

R<<: Click on this button to manually round off the amounts starting with the decimals. The small values added will be deducted from the corresponding amount of the last installment of the loan.

R>>: Click on this button several times to return to the original amounts of the repayment schedule.
that some loan installments may have amounts that may not be practical to pay.

RndUp: Click on this button to manually round off the amounts of the repayment schedule to higher amounts starting with the decimals. The small values added will be deducted from the corresponding amount of the last installment of the loan.

Related Topics

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