Processes
Processing Account Overdue Letters
Purpose To create and dispatch Overdue Letters which are legally required for the recovery of arrears Note: Additional processing is required for consumer loans. See: Processing Account Overdue Letters for Consumer Loans. Access Fixed Loan | Review ...
Write off Balances
Purpose Various routines to provide a quick and efficient way to write off small balances. Access Accounts | Write off Balances Process to confirm to process Field Explanation Write Off Amount Enter the maximum amount the write off process should be ...
Post Direct Debit Details
Purpose Creates the Direct Debit batches in the Cashbook which are then imported directly into your Banking software, so that these entries do not need to be entered manually. Timing Posting of Direct Debits needs to be done daily, following the ...
Reversing Fees
Purpose There maybe circumstances where it is necessary to reverse fees charged to a lending account In most cases, this can be achieved with the Functionality on the Account Transaction Browse Access Account Browse | | | | Process Locate the ...
Interest Calculation Issues
Concept Most interest calculations in Argos are calculated as ledger balance x interest rate / 365 x number of days since interest was last posted. If an accounts interest amount is vastly different from the expected calculation, the following steps ...
Grouping Transactions
Purpose Grouping Transactions occurs for a number of reasons: Correcting Entries. When correcting entries to the account transactions are made through the , , or processes. These entries should be grouped so that they do not appear on client account ...
Ungrouping Transactions
Purpose Returns Grouped Transactions to an Ungrouped state. This may be required if the transactions are to be displayed on an account statement or summary. Alternatively, transactions may have been grouped incorrectly. Access From within an Account ...
Transfer Transaction to Another Account
Purpose Allows a Transaction that has been posted from the Cashbook to be transferred to another account within the same module Note: If the Accounts are different modules, or the Transaction did not come from the Cashbook you should use the Transfer ...
Suspending Overdue Letter Processing for an Account
Purpose Overdue Letter Processing may be suspended for individual accounts if it is no longer in the interest of the finance company to do so. An example would be if a client was confirmed as gone no address or has advised they are unable to pay the ...
Automatic Account Close
Purpose To close all accounts with future and current ledger balances that are zero Timing May be run at any time Usually run at month end Access Accounts | Auto Close Accounts Process Field Explanation Fixed Loan - Thank You Letter Not used Severity ...
Account Company Transfer
Purpose There is a requirement to be able to "move" lending accounts from one company to another The transfer may be undertaken on an account by account basis only Timing When a loan has been impaired and is to be transferred to another collection ...
Account Interest Posting
Purpose This process posts interest to all accounts with an interest due date up to and including the date specified on the process dialog. Interest will be posted according to the rules specified on each accounts dialog. Timing Interest cannot be ...
Financial Calculator
Purpose Calculate instalments for a loan without requiring the necessary detail to establish a Quote. May be used to: Provide an indicative Quote Calculate a proposed refinance Access Accounts | Financial Calculator Fixed Loan | Financial Calculator ...
Transfer Non Cash
Purpose Allows an amount to be transferred from one account to another The most common uses of the functionality are: Transferring funds for accounts in different modules. Eg. Transfer of a Call Savings balance to a Term Deposit Refinanced Loans: ...
Recurring Charge Uplift
Purpose Allows all selected Recurring Charge amounts to be uplifted (or reduced) by a percentage Access Accounts | Edit/View Account Recurring Charges | Account Recurring Charge Browse | Prerequisite Always ensure that a Backup has been taken ...
Account Operating Status
Purpose Allows an account to be suspended from interest and instalment postings Often used once a repossession has taken place, and a final balance advised to the customer Direct Debits can still be processed and manual transactions added Timing The ...
Write off Default Interest
Purpose There may be circumstances where it is necessary to write off or reverse Default Interest charges There is an important distinction between writing off and reversing Default Interest: Interest write offs will credit the account, and the ...
Post Instalment Details
Purpose Post Instalments due up to and including the posting date on Fixed and Variable Loan accounts This process: Deducts the instalment amount from the future ledger balance and debits the current ledger balance Posts the accrued default interest ...
Post Account Recurring Charges
Purpose This process will Post Recurring Charges where the Recurring Charges next date is prior or equal to the date on the posting dialog Timing This process is run daily Access Accounts | Post Account Recurring Charges Process The posting date will ...
Create Required Account Statements
Purpose Processes the transactions and balances for Creating Account Statements. Note: Statement cannot be run in advance of the due date unless the Account Control Detail 'Allow Future Dated Statements' has been checked on. Rules for selection of ...
Create Account Communication Details
Purpose This process allows multiple Communications to be created during a single process This could be used for: Interest rate change advice notices Direct Debit timing for holiday periods Changes to Terms and Conditions that clients must be advised ...
End of Month Reset
Purpose Posts, for each licenced module, summary account transaction journals to the General Ledger. The transaction input date determines which month end journal it will be included in. Once the month end process is completed, each account ...