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Export Loan Journal for Full Month

Main Menu - File - Export Loan Journal for Full Month

Used to create a journal in a CSV or TXT format that is to imported by an outside ledger program.

Layout / How To
This will create a journal for a month which has been finalized with all payments and other activity.

Set the calendar to any day within the month to be exported. Check the appropriate boxes in the "What to Export" box. The items in this box represent:

Loan Billing Information. Will extract all scheduled payments with due dates within the month specified. No loan billing needs to be done; this will look at each loan's amortization schedule and extract information for what is due. It will also include any negative type "S" payments applied for the month. (A negative type "S" payment is a manually added service charge.) The ledger and offset accounts are established in Location Settings in the Ledger type record under "Loan Billling".

Payments Received. Will extract all payments and service charge retractions for the month specified. The ledger and offset accounts are established in Location Settings in the Ledger type record under "Lease Payments (Liability)".

Principal Breakdown Received. Will extract principal portions of the payments made for the month specified. The ledger and offset accounts are established in Location Settings in the Ledger type record under "Lease Loans (Principal Asset)".

Interest Breakdown Received. Will extract interest portions of the payments made for the month specified. The ledger and offset accounts are established in Location Settings in the Ledger type record under "Lease Interest (Income)".

Late Fee Breakdown Received. Will extract late fee portions of the payments made for the month specified. The ledger and offset accounts are established in Location Settings in the Ledger type record under "Lease Late Charges (Income)".

Press Extract Data for the Month Specified to create the resulting journal file. By default, the file will be named "LoanJournal-yyyy-mm.csv", where yyyy is the year and mm is the month.  A confirmation message will display when completed.

Ledger Accounts Setup (with payment receivables)

All boxes in the "What to Export" are to be checked.

1100 Cash
1210 Loan Payments Receivable
1211 Loan Payments Receivable Suspense
1275 Loan Receivable
4210 Interest Income
4220 Late Fee Income

The Locations Settings Ledger screen would be set up as:

1275 Credit: Lease Loans (Principal Asset), with 1211 Debit offset
1210 Credit: Lease Payments (Liability), with 1100 Debit offset
4210 Credit: Lease Interest (Income), with 1211 Debit offset
4220 Credit: Lease Late Charges (income), with 1211 Debit offset
1210 Debit: Loan Billing, with 1211 Credit offset

Explanations
This is a snapshot of an entire month for each loan. To make a loan payment receivable, you must debit a payments receivable account. You cannot credit the loan for this debit, as a payment has not been indicated. Therefore, you must credit a suspense account.

As each payment is made, cash is debited and the loan payment receivable is credited. Then, the payment is broken down to principal, interest, and (possibly) late fees. The breakdown is credited to their respecting accounts and debited against the loan payments receivable suspense account. 

In a perfect world where all payments are made on time each month, the net result would simply be a debit to cash and credits to principal and interest.

Alternate Ledger Accounts Setup (without payment receivables)

This setup would eliminate the loan receivables accounts entirely, and simply process payments only. (You would only check the three "Breakdown Received" boxes on the screen.)

1100 Cash
1275 Loan Receivable
4210 Interest Income
4220 Late Fee Income

The Locations Settings Ledger screen would be set up as:

1275 Credit: Lease Loans (Principal Asset), with 1100 Debit offset
4210 Credit: Lease Interest (Income), with 1100 Debit offset
4220 Credit: Lease Late Charges (income), with 1100 Debit offset

This would result in the 1100 cash account being directly debited for payments received and credited to the respective principal, interest, and late fee accounts.