AcuLoan calculates interest on daily balance using fixed or linked interest rates, and capitalized monthly. Use Acumatica CRM to process the loan application, collate documentation and quote the customer.
Standard functions and reporting include Settlements, Loan Restructures, Write-offs, Payment & Debit Order Processing, Age Analysis, Collections and Interest Rate Changes. AcuLoan may be used for Debtor and Creditor Loans in combination.
Utilises the power of Acumatica CRM to acquire, assess, quote and approve a loan application.
A loan prospect is registered and routed through a defined workflow to ensure that all the relevant documentation is provided, reviewed, and filed for future access in the document management system. Identification, affordability assessments, collateral and other information regarding the loan application may be stored.
A loan pipeline dashboard will display the applications in stages of acquisition and provide a monitoring and management tool. Audit trails of applications and approvals are maintained for future ease of reference.
Will record the loan details and transactions such as interest, advances and repayments.
The loan record will contain all the relevant information gathered during the origination process and will additionally record all activities relating to the loan. Notes, tasks, alerts, and other information is stored centrally to enable a complete record of the interaction with the borrower to be recorded and shared.
Interest is calculated on daily balance and capitalised monthly, while early settlements, restructures, interest rate changes and other transactions defined processes. Statements, amortization schedules and a dynamic Age Analysis complete the picture.
AcuLoan will take away much of the effort required, improve the accuracy and auditability of loan management to ensure that your loan book is easily, accurately, and efficiently managed.
Payments are auto allocated thereby ensuring minimum effort in managing the loans.
Loans may be collected – or paid in the case of Creditor Loans – through a debit orders collections routine that creates a debit order proposal and a file for transmission to the banking system.
The loan Age Analysis is dynamic and is based on the collection day thus identifying those loans falling into arrears and allowing immediate follow-up action. The AcuLoan dashboard will not only provide management information regarding the total loan book and interest earnings but will also provide information on the quality of the book and a call to action with loans in arrears.
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At the heart of the module is the interest methodology which calculates interest on a daily balance – Nominal Annual, Compounded Monthly – NACM. Loans may be term loans with or without a residual or an open loan with no set repayment structure.
Use AcuLoan to correctly allocate the Principal and Interest components when posting to the General Ledger. Typical loan types include:
The Loan Origination uses the power of Acumatica CRM and in-built workflows to manage applications loans in a pipeline through the acquisition, documentation, assessment and ultimate approval of the loan.
AcuLoan provides a powerful set of tools to manage loans either individually, or grouped in defined and regular processes. Processes may be schedules where applicable thereby automating the repetitive tasks.
AcuLoan functions like a banking system and once a period is reconciled and closed, no further postings are permitted. A single transaction can be posted together with an interest rate adjustment in the current period.
Like all Acumatica processes, the Interest Capitalization will generate a list that can be reviewed and released by a user with the necessary rights. In the event that it is released in error, it can be reversed provided that the loan period has not been closed.
AcuLoan can accommodate both interest-bearing and non-interest-bearing parts of a single loan. In the rules, you decide to which portion payments are applied to first.
Yes, loans lists can be on defined based on aging rules and used to create a CRM Case. This is not standard functionality but is relatively straight-forward to accomplish using the Acumatica tool set.
AcuLoan uses Acumatica’s document management capabilities and every document is searchable through the Universal Search function in Acumatica. This makes finding a particular document as easy as simply entering the name or a part of the name in the Universal Search and all the results will be returned in the “files” section. These can be further refined as required.
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