You can produce financial statements like the Trial Balance, Balance Sheet and Income and Expense Statement.
You need to enter the start of your financial year, in order to activate the accounting module in LOAN PERFORMER. No booking for shares, savings or loans can be made if you have not done this.
Each savings or loan product can be linked to its own general ledger accounts. This goes very far: it is not only the principal related to this product, but also the interest, the stationery, commission etc. If then the user enters a deposit, withdrawal, disbursement, loan repayment etc. LOAN PERFORMER will automatically update the GL accounts.
LOAN PERFORMER comes with a standard chart of accounts so that you can start posting immediately. All accounts have a 6 digit serial number but this can increase or decrease. Accounts can be activated or de-activated, meaning you're able or not able to post to these accounts. And of course you can create your own accounts. If you don't like the default chart of accounts, you can delete all accounts and start afresh. You can also import accounts from Excel or you can replace the chart of accounts with the West-African BCEAO chart of accounts.
LOAN PERFORMER uses analysis fields when posting transactions. These are for the Loan or Savings Product, the Funding Agency, the Branch and the Cost Centre. This makes it possible to print detailed account transactions for a specific period, a certain product, for a certain financing agency (or multiple agencies), a certain branch office or cost centre or for a certain account (or range of accounts). Also the client number and loan numbers are saved in the general ledger. This makes it possible to print all financial transaction related to a client or related to a loan. In addition it is possible to retrieve all transactions belonging to a debtor or creditor.
LOAN PERFORMER has an option to enter bookings for e.g. Expenses or Revenue. On the printouts, the manually entered transactions are easily distinguishable from the automatic transaction, thereby facilitating controls. The entry of back-dated transactions can be limited by user and by Day, Month or Year Closure. The modification of transactions is limited to transactions that have not passed the Day-Closure (see below).
LOAN PERFORMER can import general ledger transactions from external files (from DBF, XLS or TXT file formats). This way it becomes possible for branches to update a Head Office database on a daily basis by emailing the transactions of the day.
LOAN PERFORMER supports Budgets where budgets are defined per account and per month and - optionally - per donor.
At the end of the day, the user should do a Day-Closure. This will print a detailed listing of all transactions and how they are booked, as well as a summary per account. If you use an external accounting program, you can use these printouts or you can export digital files from LPF to update this external accounting program. We have successfully created digital export files for integration with Quickbooks, SBT Accounting, Sun Systems and Navision Financials. On request other export options for other accounting packages can be created.
The Day-Closure still makes it possible to modify savings or loan transactions that have been posted. LOAN PERFORMER will not delete those transactions but will add corrections that annul the initial booking. You will still be able to see the original transaction.