Loan Daily Checklist

New Loan (Bare Minimum)

This type of loan setup would be when you only want to obtain a loan number.

1. Go to Financial Services>Loans>Transactions>IL410 Loan Add/Maintenance

2. Leave the Loan number blank – unless you know you want a specific number

3. Select a Loan Type

4. Select the account of the church/person that the loan is for (make sure they have a borrow account)

5. After adding the borrow account press select in the top left hand corner

6. To save the loan you must enter the following information:

• Security on the setup Tab

• Regular Payment on the Due Tab

7. Press Save in the top left hand corner

New Construction Loan (Interest Only)

1. Follow steps 1-5 in the instructions above.

2. On the summary tab set radial button to Interest Only

3. On the setup tab fill in the following fields:

• Interest Rate

• Amortization term + Date

• Commitment Date – This is the day you want them to be able to start drawing funds)

• Commitment Amount

• Commitment expires – This is the day they can no longer draw regardless of how much they have they have drawn

4. On the due tab fill out the first payment due field or leave blank and it will be interest only until fully advanced or commitment expiration

5. On the Disbursement Tab>Fill out the information for the Church/Individual to receive funds

6. Press Save

New Loan (Fully Advanced)

1. Follow the steps 1-5 from above.

2. On the summary tab select the regular payment radial button

3. On the setup tab fill in the following fields:

• Interest Rate

• Amortization term + Date

• Commitment Date – This is the day you will advance the funds

• Commitment Amount

• Commitment expires – This is the same day as the commitment date

4. On the Due Tab Fill out the following:

• Next Payment Due – This will be when their first payment is due

• First Payment Due – This will match the next payment due field

• Maturity date

5. On the Disbursement Tab, fill out the information for the Church/Individual to receive funds

6. Press Save

Adding a new Beneficiary/Disbursement Payee

1. Go to Loans>Transactions>IL410 Loan Add/Maintenance>Enter the Loan Number

2. Click on the Correspondents Tab

3. Enter any contact person/banking information necessary

4. Press Save

Adding an ACH Auto payment

1. Go to Loans>Transactions>IL410 Loan Add/Maintenance>Enter the Loan Number

2. Go to the ACH Payments Tab

3. Click add on the top of the page and fill out the following information:

• Autopay frequency

• Next autopay date

• Autopay amount

• Autopay account

4. Press Save

Loan Advance

1. Go to Financial Services>Loans>Transactions>IL412 Loan Advance>Enter the Number

2. Enter the amount of the advance

• Make sure the payee is accurate (ex. If there are multiple people who can receive funds)

• Make sure the payment is accurate (Check vs. ACH)

Capitalize Interest

1. Go to Financial Services>Loans>Transactions>IL412 Loan Advance>Enter the Number

2. From the Payment drop down select Capitalize

3. Press Save

Process Loan Payment (Check)

1. Go to Financial Services>Data Processing>Cash Receipts Stage 1

2. Select Cash Batch>New Batch>Press Ok

3. Press New Item (F8)

4. Enter the following information

• Check #

• Amount

• Reference number (the number of the loan)

5. Press ok (or enter)

6. Enter any additional Items and exit this screen

7. Go to Financial Services>Data Processing>Payment Processing

8. Find the batch that you want to process>Select the line item you want to process

9. Select Loan Transactions>Loan Payment

10. Since the loan number was entered as the reference number the loan automatically populates. If you did not enter that, use the binoculars to find the loan for the payment.

11. Verify that the next due date is accurate

12. Press Save