To add a new customer contract click  in the Loans block, then perform the following:

 

§  Select the name of the Customer;

§  The Loan Number will be automatically generated by the system after saving the loan entry record;

§  Enter the Request Date on which the loan was first requested;

§  Enter the Approval Date on which the loan was approved;

§  Specify the date for the first loan payment in the First Payment Date field;

§  Specify the Loan Amount;

§  Specify the Exchange Rate Notice that is consists of two fields; the currency and the exchange rate. Once you choose the currency, the exchange rate will be displayed. You can change the exchange rate if you want. Accordingly, the amount will be automatically calculated in the local currency of the company and displayed in the Amount LC field. Note that the currencies and their exchange rates can be defined in the Financial Setup;

§  Specify the First Payment Amount;

§  Enter the Number of Payments to be granted to the customer to acquire the full loan amount. The total amount will be divided by the number of instalments;

§  Specify the Payments Frequency and Unit. For example: If you enter the payment frequency 2 and the select the Unit to be ‘Month’, then the payments will be scheduled twice every month;

§  Select the Loan Type. You can select from a list of Loan Types that were defined through the Financial Setup sub-module;

§  Select the Status of the Loan (Completed, Active or Inactive). You can add loan invoices to active loans through the AR Transactions sub-module. Note that you cannot add loan invoices to inactive loans;

§  Click  to save your work;

§  Upon save, the  button appears. Click this button to view a schedule of the loan due payments and reminders for each payment in the Loans Schedule block. Note that you can update the loan schedule details, if so desired.

 

 

Related Topics

Loans