These Account focused modules expand on the core functionality and provide additional features for Account processing.
Adopting the International Financial Reporting Standards (IFRS) will require many finance companies to recognise deferred revenue from their lending activities over the term of the loans involved. The Accounting Ledgers Add-On gives you the toolset to amortise both revenue and cost items.
Each element, being the building blocks of a loan, can be "earned" in a number of different ways:
This Earned Basis then determines how the element is to be amortised in the General Ledger and effectively earned or accounted for.
Where you want to offer the convenience of Direct Debit and Credit Card payments to your clients, then the finPOWER Connect Advanced Banking Add-On facilitates the automatic creation of Bank Transactions and the ability to export these to your Banking software. Additionally, if you use a thrid party to factor your payment processing of Direct Debits, the Advanced Banking Add-On supports a number of different formats.
Do you need to offer limited time frame "promotions" to a selected group of Agents or Dealers?
The finPOWER Connect Promotions Add-On allows standard loan characteristics, such as interest rate or interest free terms to be overridden for a specified time and can be applied to only a limited group of introducers. For example, the Promotions module allows you to offer, for a limited time, a 6 month interest free deal to a specific retail chain.