Whether the borrower is a retail customer, a wholesale partner or an employee, isn’t that the first question they usually ask when discussing a lease or a loan? Answering that question and then creating a loan need not be a complex procedure. A loan typically consists of 4 components:
- the principal amount of the loan
- the term
- the interest rate
- and the monthly payment
With the recent additions to Binary Stream’s Loans Manager module for Dynamics GP, calculating these components is as simple as clicking a button!
Enter any three components, and the Loans Calculator application does the rest. For example, if you know the borrower needs $1,000 over a 12 month period and you want a return of 8.5% interest, simply enter those elements in the Loans Calculator and click “Calculate” to show you the payment. Changes can be made just as simply…once everyone is satisfied with the loan terms, simply “Commit” the details and create the loan. The entire loan amortization schedule, broken down by Principal, Interest, Charges and the Outstanding Balance per payment, can be previewed with a simple click of a button.
Upcoming enhancements will allow you to create a loan from any posted or unposted AR or SOP document and allow you to attach fixed assets from the GP Fixed Assets module or the SOP line items as collateral on the loan, securing your position as a lender.
To see how Binary Stream’s Loans Manager allows you to manage lease or loan activities, including employee loans with payroll deduction integration simply and easily, view link below.