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.
Managing Early Settlements
Easily create and print settlement letters to keep clients informed about outstanding balances and repayment requirements.
Update the amortization schedule of the loan to correctly depict the loan after settled early.
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.
Loan ledger screen layout.
Loan Ledger Options
As per the screenshot below - the loan ledger contains specific loan account options. We'll go through what each option entails.
Schedule Option
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.
Balance Option (Early Settlement Tool)
By selecting the "
" option, You will be able to perform the following actions within the dialog screen that appears.
1 - Apply a settlement date and view the settlement discount
By changing the date in the "Settlement Date Input" - you will be able to view the following dynamically created variables based on the settlement date.
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.
Early Settlement Discount : The discount value applied if the loan were to be settled on the chosen settlement date
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.
2- Apply /Undo Early Settlement Schedule
Selecting this option will re‑amortize the loan schedule based on the settlement date. For example, if a five‑month loan is settled within the first month, the schedule will be recalculated to reflect the actual post‑settlement position, with anticipated fees adjusted accordingly.
This option can be applied or undone and is particularly important when generating reports for loans that have been settled early.
3 - Print Settlement Letter
Selecting this options allow you to create and share an official settlement letter.
Calculate Settlement From:
Select the date from which the settlement amount should be calculated.
The system will calculate the outstanding balance based on the loan position as at this date.
This date typically represents the intended settlement date.
Select Print Options:
Choose which additional details to include in the settlement letter:
✅ Include scheduled transactions table Includes a breakdown of the loan’s scheduled transactions (as per the loan schedule).
✅ Include actual receipts table Includes a list of payments that have already been received on the loan.
Select 'print' to view the results.
Close Loan Option
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.
Loan Account Statuses
Active - Loan is active on credit bureau: This status indicates a current loan with ongoing payments.
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.
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.
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.
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.
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.
Getting Started: Applying Late Fees
Click the "Late Settlement" button to open the Late Costs Monitor.
Review the breakdown of any existing and pending late fees.
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.
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