finPOWER Depositors Module
The funding of financing operations is as important to track as the financing operation itself. Clients that invest money provide an essential function for any finance company, but with the function also comes responsibility. Responsibilities to track the deposits, calculate interest and meet statutory requirements with the taxation authorities.
Full details are held for each client, “joint” client, Trust or Company. This includes contact details, past addresses, Tax Numbers, Notes and Deposits involved with, either as the main Lender or a joint name.
Deposits can be entered with a defined maturity date or can be entered as being “On Call” to cater for differing Deposit characteristics.
Each Deposit can have either a fixed Interest Rate associated with it or a floating rate that can be at a premium to the base rate. Any changes in the base rate then need only be made once. Each Deposit type can have a stepped Interest Rate for paying interest at differing rates based upon the Deposit’s current daily balance.
A running total of the accrued interest on the Deposit is kept for easy reference but interest is only “paid” to the deposit in accordance with defined credit frequency. The options for paying the interest are daily, weekly monthly, end of month, quarterly or at maturity. This provides accurate “on screen” information that can be used to answer client queries.
Maturity Options are recorded on the Deposit file and automatically actioned on the maturity date.
At maturity the Deposit can be paid out in full, principal reinvested, a set amount can be reinvested or the entire deposit can be reinvested. Cheque or Direct Credits can be used for any payments being made.
finPOWER has user friendly Transaction Wizards to guide you through many of the advanced transactions making transaction entry easy and simple. The Wizard explains each step and prompts you to enter the relevant information and gives the opportunity to review any data entered before committing it.
True Batch Entry facilities allow transaction batches to be entered, saved, added to, edited, printed and reported on.
Where a withdrawal is made from a deposit, or a deposit is broken before full term, fees can be charged or interest reclaimed.
finPOWER Depositors provides for both Cheque and Direct Credit payments. Cheques can be printed on pre-printed stationery singularly or in batches. Direct Credits can be made to all of NZ’s major Trading Banks and many Australian Trading Banks.
Where the return from invested deposits is distributed to deposits rather than a set interest rate being paid the Interest Distribution facility can be used. Investment income is divided according to the average daily balance of the deposits.
Deposits can be allocated to "Pools" that reconcile Deposits and Loans. This allows the identification of matched funds and segmentation of the Deposit Ledger.