PrimeSoft Solutions (K) Ltd

SAVCO

Loan Penalties

3.5 & 4.x

How is Loan Penalty Calculated?

Based on Outstanding Loan Where Loan Due Days is Greater or Equal to Limit as:

•Fixed Amount•Percentage of Balance•Step Values on Lookup Table

Loan Penalty Pre-Requisites Settings

Company Accounts/User Settings•Penalty Account (A/C)•A/C Also in Member Accounts•Default Limit Days•Transaction Destiny

Loan Product Settings•Penalty Calculation Method

Where to Find Relevant Company Settings

Loan Product Settings on Loan Penalty

This is an Example – More Than 50 Loan Settings Available

Loan Penalty Destiny From Workbench

Generate Loan Penalties

Generate Journals?

YesNo

Journal Generated Awaiting Amendment and Posting

Remittance Workbench Waiting Confirmation and Posting

Loan Penalty Work Bench – Accessing Thru Menu

Loan Penalty Work Bench

Previous Working is Displayed - You can Redo

Loan Penalty Work Bench – Over Due Calculations

Recalculates Over Due Loans whose Due Date is beyond The limit Days.Limit Days:Days beyond due date on which the loan penalties are calculated. It is set in company Settings. You can modify limit days on the workbench

Loan Penalty Work Bench – Report

Shows Report Below

Loan Penalty Work Bench – Recovery Notices

Generates Loan Notice for the Selected Defaulted Loan or All Notices if no Specific Loan is Selected

Loan Penalty Work Bench – Post to Transactions

Generates Transactions based on Chosen Destination

See Next Slide What Happens When Journal Destination is Chosen in Company User Settings

Loan Penalty Work Bench – Generated Journal

Edit and Post in the Usual Way

PrimeSoft Solutions (K) Ltd