account add-ons


Accounting Ledgers

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.


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Each element, being the building blocks of a loan, can be "earned" in a number of different ways:


  • On a specific Date
  • At Maturity
  • At Close
  • Proportional
  • Proportional Daily
  • Rule of 78
  • Contractual Interest

This Earned Basis then determines how the element is to be amortised in the General Ledger and effectively earned or accounted for.




Advanced Banking

The Advanced Banking Add-On enables the export of Direct Debits and Credit Card Payments. Direct Debiting of instalments is becoming ever popular in the finance industry as it ensures payments are received on time thus improving cashflows and easing Credit Control costs. Direct Debiting has a distinct advantage over Automatic Payments (AP) in that any changes to the amounts due for payment are automatically included without the need to create new AP forms. The Advanced Banking Add-On interfaces to all major Trading Banks in NZ and most Australian banks.




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Promotions

The finPOWER Connect Promotions Add-On allows standard loan characteristics, such as interest rate or interest free term, 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
  • the broker fee is set for specific dealers
  • the establishment fee is reduced for specific dealer(s)