New finPOWER Disbursements Add-On Released
Paying out a Loan can be a reconciliation nightmare. The new Disbursements Add-on now takes this arduous process and simplifies it into an easy step by step system.
Loan screen showing proceeds of loan ready to pay out
In its simplest form the Disbursements Add-On is used to distribute loan advance, but finPOWER goes much further than just that simple functionality. The Disbursements Add-On can:
- Pay out the proceeds of the loan to multiple parties, either by Cheque or Direct Credit. This is useful if you are consolidating debt for a client and paying out a number of other finance companies and banks etc.
- Pay out specific costs directly associated with a Loan e.g. legal fees.
- Accrue the payment of costs e.g. accruing Insurance Premiums to be paid on 20th of the month following.
- Specify the Payment Date of a distribution being made from the Loan. Useful for commissions that are paid after 60 days etc.
- Account for the transactions where the loan is for an internal sale e.g. in-house financing, and no money physically changes hands.
- Accurately handle internal refinancing transactions.
- Account for inwards recoveries e.g. hold backs of fees paid to dealers.
- Highlight any variances in the amount advanced and distributions made.
- Print cheques and consolidate direct credits.
- Pay out Direct Debits where money is recovered / clawed back from other parties e.g. commission hold backs
Client screen showing disbursement ready to be made "on account".
The Disbursements Add-On is designed to ease many of the processing hassles associated with the advancing of a new loan. It has a full audit trail and access control based on each User.
The access control ensures that the User preparing the loan may not be the same person paying out the funds of the loan.