Loan Ledger

Welcome to The Loan Ledger

The Loan Ledger builds upon the functionality of the Client Ledger, providing a dedicated space for managing loan-related transactions and records. It offers the following key capabilities:

  • Creating Manual Transactions

    • Process receipts or refunds for loans directly within the Loan Ledger.

    • Ensure accurate financial tracking with manual entries when needed.

  • Viewing All Transactions

    • Access a comprehensive record of all loan-related activity.

    • View both manual transactions and system-generated records for full transparency.

  • Generating Settlement Letters

    • Easily create and print settlement letters to keep clients informed about outstanding balances and repayment requirements.

  • Updating Loan Statuses

    • Track loan progress by updating statuses directly within the Loan Ledger.

    • Maintain an organized and up-to-date loan portfolio.

  • Tracking Late Settlement Fees

    • If this loan qualifies for the accrual of late settlement fees - you can easily track the accrued late fees here.

By leveraging the Loan Ledger, businesses can ensure better financial oversight, improve client communication, and streamline loan management processes.

Screen Layout and Functionality

  • Loan Summary: A clear summary table displays the client's current balance, full-term balance, and account status at a glance.

  • Transaction History: A dedicated table conveniently lists all transactions that affect the loan balance, including both manual entries and system-generated records. This comprehensive overview provides a clear picture of the loan's activity.

  • Action Panel: Located above the transaction table, this panel offers various functionalities, which will be documented in detail later in this guide.

  • New Transaction Button: This primary button allows you to create a manual receipt or refund that directly impacts the loan's balance.


Loan Ledger Options

To the top right of the loan transactions table - you will notie a panel of ledger options -

- Schedule

Select the `` icon to access the repayment schedule of the current loan.

The repayment schedule outlines the scheduled instalments against the receipted instalments along with a detailed loan amortization table, as seen in the screenshot below.

The Loan Installment schedule showing the current Scheduled vs Receipted breakdown of capital

Balance

Need to settle your loan before the next payment date? No problem! The Loan Ledger allows you to do this anytime during your pay period.

By selecting the "" option (visible beneath the summary table), the user may view the collected amount against the required amount.

If you need to issue a settlement letter - simply select the option.

  • Loan Capital: This is the initial amount of money you borrowed. It's like the starting point of your loan.

  • Fees to Date: This is the total amount of any fees you've been charged so far. These could be origination fees, late fees, or other charges.

  • Balance Current: This is what you owe right now. It includes the loan capital, any accrued interest, and any fees you haven't paid yet. Think of it as a snapshot of your loan at this moment.

  • Balance Full Term: This is the total amount you'll owe by the end of your loan, if you make all your payments on time. It includes the loan capital and all the interest that will be charged over the life of the loan. It's like the finish line for your loan repayment.


Close Loan

Users with sufficient rights can manually change the status of the loan by selecting the `` option within the utility bar.

This will present the the following screen (shown below) which allows you to select a status from the loan status drop-down menu as well as the reason for updating the status.

Various Account Statuses

  1. Active - Loan is active on credit bureau: This status indicates a current loan with ongoing payments.

  2. Settled/Paid Up: Use this option when the loan has been fully repaid and the account is closed. NCR regulations require lenders to report loan settlements to credit bureaus within 1 business day.

  3. Handed Over : Select this status when the account is handed over to external debt collectors. NCR regulations mandate lenders provide debtors with a written notice before and after handing over the account.

  4. Written Off: This status signifies the lender has ceased collection efforts due to the unlikelihood of repayment. NCR regulations require lenders to report written-off accounts to credit bureaus within 30 business days.

  5. Deceased: Use this status only upon confirmation of the borrower's death. NCR regulations do not explicitly address deceased borrowers, but responsible credit providers should handle such situations with sensitivity.

You cannot set a loan to handed over or written off status for a loan that has not passed 92 days after the last loan receipt.

The Written-off status does not automatically remove the debt from the borrower's credit report.


Editing Loan Transactions

To begin editing a Transaction in the Loan Ledger

  • Select the Transaction: Locate the transaction you want to edit or delete within Mobiloan.

  • Edit Transaction Screen: Clicking on the transaction will open the "Edit Transaction Screen." This screen allows you to modify details like date, description, amount, or category selection.

  • Deleting Transactions: If you need to completely remove the transaction, you'll also find a delete option within the Edit Transaction Screen.

Important Note: These editing and deletion functionalities are only available before the transaction is reconciled at the day's end. Once a transaction is reconciled, modifications are no longer possible.

Editing Debit Order Transactions in the Loan Ledger

By selecting a Promissory ID from the table, Mobiloan will present the Allps Promissory Screen

By selecting a Transaction that has been reconciled, you will be presented with the following options (The screenshot below provides an example of the Edit Transaction Screen for a debit order transaction (specific details may vary depending on the transaction type).)

By selecting an unreconciled transaction , you will be presented with the following options


Adding Late Settlement Fees

Depending on whether the current loan qualifies for late fee accrual—as defined in the Loan Product Setup—a "Late Settlement" button will appear. This button becomes visible only if the loan is overdue and pending late charges are eligible to be added to the loan’s balance.

The key takeaway is that late settlement fees are accrued throughout the month and can be applied to the loan at month-end, allowing for accurate and timely adjustments.


Late Settlement: Step-by-Step Process

  1. Click the "Late Settlement" button to open the Late Costs Monitor.

  2. Review the breakdown of any existing and pending late fees.

Select the Late Settlement Option
  1. Click "Save / Update" to apply the pending late settlement charges to the loan balance.

  • If no fees are currently due, Mobiloan will display a warning to indicate that no action is required.

Once the pending fees are applied, Mobiloan will automatically create a new scheduled installment for the next payment cycle, which includes:

  • Late Interest

  • Service Fees

These components are integrated into the updated loan schedule to reflect the overdue amounts.


Understanding Late Cost Categories

  • Existing Late Costs: Displays fees that have already been applied to the loan. These include detailed breakdowns such as:

    • Days overdue

    • Penalty charges

    • VAT This ensures full transparency on previously accrued charges.

  • Pending Late Costs: Shows late fees that have been calculated but not yet posted to the loan ledger. These are fully itemized and may include:

    • Deferred Capital – Outstanding principal overdue

    • Late Interest – Charges accrued due to overdue balances

    • Penalty Fees – One-time fees for delayed payments

    • Service Fees – Ongoing fees for managing overdue accounts

    • VAT – Tax on the total late charges


Handling Late Fees Within Debit Order Mandates

In cases where a promissory debit order mandate has already been defined, it may not be practical to simply add an additional installment to accommodate newly accrued late fees, as the total amount of the mandate is fixed.

If the outstanding late fees are substantial, we recommend creating a new debit order mandate - into a new repayment plan that can be incorporated into a fresh mandate.


Mobiloan Pages: transaction_loan_balance; transaction_loan_detail

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