loans
deep-dive
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There are a number of features within the nettTracker loans module. This guide is intended to help you understand some of the more subtle tools available.
Creating & managing loans
Creating new items
New loans: Create manually
During ‘create’: Name the loan and and a description/reference if desired. The loan value is added, the monthly repayment amount and total number of expected repayments. The total interest and % rate is calculated. Select if the interest is adjusted ‘Linear’ (straight line), or ‘Sum of Digits’ (reducing balance). Select the frequency of payments (monthly/quarterly/annually. Select date of loan, and repayment start date. A nettTracker posting start can be selected which will prevent any interest journals being posted before that date even though the full schedule will be calculated which could be for prior years. The appropriate P&L and Balance Sheet accounts are selected to be used for the interest journals
Location and tracking options: If in use, select class/location(QuickBooks Online), Tracking Categories (Xero), Cost Centre/Department (Sage).
Existing items
General editing: Only permitted to change the name/description of these item types.
Delete: If an item should not be listed, simply delete. The option to create a journal to reverse any interest posted will be selected and will be updated fully once the last period end is re-processed.
Other important features
Visual reports and guides
Dashboard summary to assist with reconciliations: Values on the nettTracker dashboard display the total values of all loans and should always balance back to values per the balance sheet.
Statement: View details of all items per each group for the period selected. The includes all movements and amounts due within and after 1 year.
Projection: View the adjustments to be made each month for the period selected. (payments and interest)
Deleted items: View a list of items that have been deleted.
Reports
Statement: Download details of items. A single Excel file is downloaded with a different tab for each loan/lease ‘Type’.
Projections: Download a forecast of expected adjustments/repayments for any desired period.
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