All Loans Tab

Company Setup - All Loans Tab

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In the All Loans Tab the "Next Number" field can be changed if you want to start the corresponding Loan Type with a specific number.

Under Loan Type you will see four (4) loan types: Title Loan, Cash Advance, Check Cashing and Miscellaneous. Each loan will be prefixed with the letters that are listed under Prefix. (example: The next Title Loan would be numbered TL101)

The computer would assign the number automatically because there is a check mark in the Assign Column. Max Open Loans column should have nothing in it unless you desire to set a limit on the number of loans a customer/client can have open at one time. The Omit Column should not have any check marks unless you desire to Omit the corresponding loan type from the Loans Tab dropdown for "type of loan". (example: If there was a check mark in the Omit Column for Loan Type "Check Cashing" then Check Cashing would not appear in the Type of Loan field on the Loans Tab.

The assigned button should always be checked unless you want to assign each loan number manually.

Returned Check Fee: Be sure to specify the fee you charge your clients for returned checks. Apply after day number: This is always 0 (the number zero), which causes the returned check fee to be applied immediately. No one would ever want the system to wait a certain number of days before applying the returned check fee, but if you do, enter the number of days to wait here.

Use Loan Suffixes? If this check box has a check mark in it the program will append each loan with N = First Loan, R = Renewal, I = Increase (example: If you were doing a Title Loan and "Use Loan Suffixes" is checked, your loan number would be TL101N which would mean, as noted above, that this is the First Title Loan the client/customer has received.

The number of days for the APR is almost always 365. The exception to that would be if a customer had an interest rate 180% or 360% some people use 360% because if cuts down on rounding. Most states do not allow this.

Below that you will find Default Cash Drawer Balance. The default is set to "0" the software will start each days transactions with the previous days closing cash drawer balance. If any amount other than "0" the software will open the cash drawer each day with this figure.

A printer should be selected for the Label Printer. It should be the printer you are using for loans unless you have a separate printer just for producing mailing labels.

The following four (4) options are security options. If you are going to be entering loans and back dating loans you need to leave these unchecked until all back dated loans are in the system.

Lock Loan and Transaction Dates - Keeps Users from doing back dated transactions.

Lock Next Payment Date - Keeps Users from changing the payment date and making the loan show up as past due.

Update Status of Inactive Loans - After a loan has gone into a collection or past due status the system will not automatically bring the account back to current automatically. It is better to not check this checkbox!

Lock Loan Status - Keeps a User from changing the loan status.

Check Printer and Check Type - Do not use these fields unless you first talk with a representative of Alpha Omega Consulting Group.

In the All Loans Tab the "Next Number" field can be changed if you want to start the corresponding Loan Type with a specific number. Under Loan Type you will see four (4) loan types: Title Loan, Cash Advance, Check Cashing and Miscellaneous. Each loan will be prefixed with the letters that are listed under Prefix. (example: The next Title Loan would be numbered TL101) The computer would assign the number automatically because there is a check mark in the Assign Column. Max Open Loans column should have nothing in it unless you desire to set a limit on the number of loans a customer/client can have open at one time. The Omit Column should not have any check marks unless you desire to Omit the corresponding loan type from the Loans Tab dropdown for "type of loan". (example: If there was a check mark in the Omit Column for Loan Type "Check Cashing" then Check Cashing would not appear in the Type of Loan field on the Loans Tab. The assigned button should always be checked unless you want to assign each loan number manually.
Returned Check Fee: Be sure to specify the fee you charge your clients for returned checks. Apply after day number: This is always 0 (the number zero), which causes the returned check fee to be applied immediately. No one would ever want the system to wait a certain number of days before applying the returned check fee, but if you do, enter the number of days to wait here.
Use Loan Suffixes? If this check box has a check mark in it the program will append each loan with N = First Loan, R = Renewal, I = Increase (example: If you were doing a Title Loan and "Use Loan Suffixes" is checked, your loan number would be TL101N which would mean, as noted above, that this is the First Title Loan the client/customer has received. The number of days for the APR is almost always 365. The exception to that would be if a customer had an interest rate 180% or 360% some people use 360% because if cuts down on rounding. Most states do not allow this. Below that you will find Default Cash Drawer Balance. The default is set to "0" the software will start each days transactions with the previous days closing cash drawer balance. If any amount other than "0" the software will open the cash drawer each day with this figure. A printer should be selected for the Label Printer. It should be the printer you are using for loans unless you have a separate printer just for producing mailing labels.
The following four (4) options are security options. If you are going to be entering loans and back dating loans you need to leave these unchecked until all back dated loans are in the system. Lock Loan and Transaction Dates - Keeps Users from doing back dated transactions. Lock Next Payment Date - Keeps Users from changing the payment date and making the loan show up as past due. Update Status of Inactive Loans - After a loan has gone into a collection or past due status the system will not automatically bring the account back to current automatically. It is better to not check this checkbox! Lock Loan Status - Keeps a User from changing the loan status. Check Printer and Check Type - Do not use these fields unless you first talk with a representative of Alpha Omega Consulting Group.