Contents - Index

Loan Statements

Loan Statements will generate statements for loans. This process will also assess late fees.

It is recommended to print loan statements only for those loans that make monthly payments. Printing statements for loans with shorter periodic payments would tend to not be cost effective. However, this is your choice. 

The loan statement procedure will create statements for every active loan that meets the following criteria:
  • On the Billing - General screen, "Print statement when billing is run?" is set to "Yes" or "Late Fee Only" (and a late fee is charged)
  • On the Billing - General screen, "Suspend Billing?" is set to "No"
  • On the Account - Names screen, "Bankrupt?" is set to "No"
  • On the Loan - Terminate screen, "Repossession in Progress" is not checked
  • On the Billing - Late Fee screen, those customers that are past the Grace period days.
  • On the Loan - Status screen, the "Last Statement" date is on or before that prior due date
  • The current due date is within 21 days. (So it doesn't bill too early.)

    When To Run
    Once per due date period. 

    If you have weekly payers, then you would run this twice per week in order to properly assess late fees. However, it is not recommended to send statements out for weekly payers. For monthly customers, the day on which you run statements really depends on whether all of your loans are due on the same date, or spread out in the month. If all of your loans are due on the same day, then run the statements on a day that is just after the grace period expires. If all of your loans are due on various days of the month, then run the statements once per week.

    Late Fees
    Late fees are assessed for every loan that:
  • has been set up to charge late fees on the Billing - Late Fee screen, and
  • has not be assessed a late fee since the last due date

    How to Run
    Since the statement process assesses late fees, then it would be wise to back up your data, first.

    1. Select the locations. Make sure that the correct locations have been marked. "Combine locations" is ignored for loan statements. This means that each location should have the correct information on the Billing page in Location Maintenance. 

    2. Click the Run Statements button.