www.loanperformer.com

Table of Contents (Online Help)

Recalculate Interest

This window allows the user to re-compute and add interest to affected client accounts. The interest is re calculated on the specified date and the interest calculated will only be added to the client accounts when a print out has been made.

This is done with the recalculate interest option, which calculates the interest for all loans on declining balance..

Note:
1. When loans on declining balance are paid earlier or later than the due dates the interest due has to be recalculated to determine the actual amount due on the exact day of payment.

2. When interest is recalculated a separate interest installment is added to the repayment dues, if the date of calculation does not occur on any of the repayment dates.

3. You can also activate the checkbox for the option to (Never/Always Recalculate Interest at Repayment for loans on declining balance) under System/Configuration/Loan Product Settings/General Settings so that at repayment the interest is always recalculated,

4. Interest calculated on each loan can be previewed from the specific Loan Ledger Card.

To recalculate Interest on loans go to Loans\Recalculate Interest A screen like one below will show up:

• Interest calculation date: Enter the date as at which you would like to generate a report, e.g., "30/06/2020".
• Calculate interest for all dates: When this option is ticked, the system will calculate interest on all loans up to the selected date. However if the option Calculate interest for all dates is un ticked the system will give the user an option to ignore a certain period in the past as seen below:

• Branch code: Choose the branch code from the drop-down or tick the Check for all Branches checkbox to include all branches.
• Credit officer: Select from the drop down box a particular credit officer whom you want to generate a report about, this may be to see the outstanding balances on loans that were handled by that officer. You may tick the Check for all option in order to have a report on all credit officers who may have handled Loans.
• Loan fund: From the drop down box, select a particular loan fund that you want to generate a report for. You may tick the Check for all option to have a report on all funds that are available in the system.
• Loan product: From the drop down box, select a loan product that you want to generate a report about. You may tick the Check for all option to have a report on all loan products that are available in the system.
• Geographical area: From the drop down box, select a particular geographical area that you want to generate a report for. You may tick the Check for all option to have a report on all geographical areas.
• Client Category 1: From the drop down box, select a client based on the classification that you made at Menu Support Files Client Category 1 / Client Category 2 and Client Category 3. You may tick the Check for all option to have a report on all options under each client category.
• Loan Category 1: From the drop down box, select a classification of a loan that you made at Menu Support Files/Loan Category 1 / Loan Category 2 and Loan Category 3. You may tick the Check for all option to have a report on all options under each loan category.
• Guarantee Items: Select a class of items that were used as security for loans from the drop down box. You may tick the Check for all option to have a report on all the different classes that are available in the system.

Note:

Interest calculations can also be configured to recalculate automatically at repayments (see: Loans Part 2)

Contact LPF live support for more information
This service requires an Internet connection.