Fixed Loan Finance Details
Purpose
To provide a breakdown of the loan cost items and allows the management of instalments
Timing
The Finance details may be accessed at any time.
Instalments may be altered during the life of the loan. It is recommended that if further funds are to be advanced to the loan, that the refinance process is undertaken.
Access
- Fixed Loan Details |
Dialog Details
There are three sections to the dialog: Cost Items, Instalment Schedule and Totals
Section One - Cost Items
These items appear on the left side of the dialog, and are the components that the loan is made up of. The field names may vary from those displayed below as these are setup uniquely in the Fixed Loan Control Record.
The amounts entered here will correspond with the Account Transactions that make up the opening balance of the Loan.
Where the Fixed Loan Account Type has the Lending Option set to Future Ledger Interest, when a quote is made into an account, or a fixed loan account manually added, on 
of the Fixed Loan Account, the Interest transaction type will not post to the future ledger of the fixed loan account. Once ed the Interest item on the 
dialog will be disabled. If, later, the instalment pattern is changed, the Interest field will be exposed so the amount of interest may be amended allowing the dialog to balance. Once the dialog has been saved, the Interest item is no longer exposed.
Section Two - Instalment Schedule
The Instalment Schedule is displayed on the right hand side of the dialog. It allows for variations to be made to the instalment amount.
This means that the amount or number of instalments may be altered without needing to refinance the loan, this also allows for balloon payments to be made.
For example the above schedule creates a pattern of instalments where the client will pay:
- $258.67 for the first 53 weeks
- $845.00 for the next 20 weeks
- A final payment of $3,000.00
Loan instalment schedules may change as the loan progresses, by updating the number of instalments to be the number posted. New entries can then be added to change the instalment amounts.
Instalment Details
| Field | Explanation |
| Instalment | This is the total number of instalments that will be posted at this amount |
| Posted | This is the number of instalments that have been posted |
Amount | This is the dollar amount of instalments |
Tax | This is for the amount of GST for the Instalment A Tax Amount may only be entered if the associated Account Type Lending Option is ‘GST’. Otherwise this field will be disabled on |
Total | This is the total for the Amount + GST |
Note: if an instalment row shows the 
button, not 
, this is because all the instalments have been posted, so the record can no longer be modified.
Cost Item and Instalment Totals
For the dialog to be saved, the total of the cost items and the instalment totals MUST be the same.
A Difference calculation is shown below the instalments, this can be used as a guide to update the figures as required:
The difference must be zero for the details to be saved.
Section Three - Totals
All are Display Only fields
| Field | Explanation |
| Total Gross Cost | The total of the loan components, not including interest |
| Total Deposit | Total of the Deposit and Trade In |
| Amount Financed | The total amount financed, less interest, deposit and trade in |
| Cost of Credit | Interest Charges |
| Balance Payable | Total cost of the loan, including interest, less trade in and deposit |
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