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Table of Contents (Online Help)

 

Transaction data

This page is used to enter loan repayments made by your clients. A loan repayment is usually done on the date when the installment is due. The following procedure describes the repayment process for individual and group loans when group-member level loan tracking is not activated (see: System/Configuration/Loans). But if loan tracking is at group member level, members can get individual loans.

Note: The loan acquired by a member as an individual loan can be paid for through the client's group member saving or the normal loan repayment under the loans module Loans/Repayments and Loans/Repayments/Group Member Repayments.

How to make a Loan Repayment

To make a loan repayment go to Loans/Repayments menu and a loan selection screen will appear:

 

Click on the Next command button to proceed. A Repay Loan window is displayed as seen below:

Note that the date entered should be the actual payment date since Loan Performer uses it for the various calculations. It can be any date as long as it is not after the current login date.

Click on the Next command button to continue. A Repay Loan window is expanded to include other section as seen below:

 

Select the mode of payment by marking the appropriate check-box, e.g., "Cash Transaction".

Note.
1.The transaction data tab contains details about the current transaction or repayment. Initially all controls on the upper part are enabled and those on the bottom are disabled and when a repayment date is entered in the date box and the Next button is clicked, the controls on the upper part are disabled while those on the lower part are enabled. Most fields at the lower part will be active if the option "Repayment priorities modifiable " is checked at System/Configuration/Loans
. Otherwise it will remain read only apart from the Total amount paid. 

2. The repayment module accepts outstanding invoices from creditors/suppliers of the MFI to pay their loans using an outstanding invoice.

3. Ensure that the invoice received from the supplier under Accounting/Purchases and Sales/Invoices Received is linked to that particular client with a loan repayment to make. See the image below.

 



4. When that client is making a loan payment under the loans module, the feature "Pay with outstanding invoice amount" will appear. You will then have a choice to settle the loan amount with the outstanding invoice amount the institution owes the client/supplier.




Payment Mode

This specifies the mode of transacting which is important for the way in which the transaction will be booked. If you select a cash transaction, your cash account will be debited, a cheque transaction debits the suspense account cheques, a transfer from savings debits the savings account and a direct payment to the bank debits the MFI bank account.

Amounts Paid Details

The total amount paid by the client is apportioned in the following order.

Note: The amounts displayed in the above options are automatically calculated by Loan Performer.

Note: If the loan to be repaid is a group loan and loan tracking is at group member level Configuration/Loans then you have to use the Group Members Repayments menu.

Loan Overpayment

Loan Performer allows you to pay a loan over and above the outstanding amount. To do this you should tick the "Allow overpayment" option at System/Configuration/Loans. See below:

If a loan is overpaid, the excess amount is posted to GL account which should have been set at Loan Product Settings\GL Accounts 1-2 . See image below.

Note that you can create a new GL for overpayments at Accounting\Chart of Accounts.

Click on the Save command button to complete the repayment. The repayment is made and a prompt for another repayment is displayed.

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

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