Loans Management (LM) is one of our products built within Dynamics GP which minimizes the amount of time spent sifting through spreadsheets while improving on the reporting and visibility of your loans. At Binary Stream, we receive consistent interest (no pun intended) in our Loans Management product but sometimes companies need a hand in determining whether the product will fit their needs or feature requirements.
Who Was Loans Management Built For?
LM targets mid-market companies managing over 20 loans and finding spreadsheets insufficient or cumbersome to maintain. On the other end of the spectrum, multi-million dollar companies may prefer credit card companies to manage their loans rather than LM. LM pertains to many industries, such as equipment rental, sports and entertainment and even wire and cable management. Companies of all industries can feel confident knowing LM is GAAP compliant and generally follows IFRS standards.
How It Works:
Loans Management provides a standard loans setup by first attaching a loan to an existing customer or creating a new one, then requiring information on the principal, the frequency of the payment, the number of payments, and the interest rate. When choosing the frequency of payments LM has seven options ranging from weekly to yearly payment schedules. These factors can also update calculations interchangeably. For instance, a customer can easily calculate how fast he can pay off a loan if he paid a consistent amount more than the minimum costs per month.
To alleviate the need to calculate interest rates LM offers options for simple or compound interest rates. For interest calculation you have the ability to choose between 30/360, 30/365, Actual/360, Actual/365, and Actual/Actual. In addition, you can defer any amount of the interest, principal or charges.
One neat feature allows companies to extend loans to their employees. For example, if an employee required a loan after a financial emergency, an employer using LM can facilitate that transaction through integration with the GP payroll module, and ensure the employer acquires no additional tax obligations as a result of the loan.
Loans Management Additional Functionality:
- Calculate or recalculate loans depending on whether you reward, penalize or disregard customers based on whether they pay early, late or on time.
- Create loans from scratch or even convert AR/SOP documents into loans documents.
- Calculate variable interest, interest free payments, line of credit payment
- Reports on accruals, arrears, cash flow, customer ledger card/print statements.
- Balloon Payments will soon be available as well!
Please contact Brian@binarystream.com for more information, or peruse our resources section, specifically for our Loans Management brochure, webinar or whitepaper.