Loan Ledger
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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.
By leveraging the Loan Ledger, businesses can ensure better financial oversight, improve client communication, and streamline loan management processes.
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.
To the top right of the loan transactions table - you will notie a panel of ledger options -
The repayment schedule outlines the scheduled instalments against the receipted instalments along with a detailed loan amortization table, as seen in the screenshot below.
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.
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.
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.
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.
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.
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
Select the `` icon to access the repayment schedule of the current loan.
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.
Users with sufficient rights can manually change the status of the loan by selecting the `` option within the utility bar.
