Hello. I am trying to find some part in kinetic to introduce/manage loans and their installments, interest etc. I have seen topics talking about Loan reports but I cannot find anything related to loans in the system. Any help appreciated
Hi Saul,
Have you looked into Finance/Late Charge Maintenance yet? You can set interest rates there, and then run the Finance / Late Charge Generation process to create the finance charge (e.g. interest) invoice.
Epicor also has a deferred revenue module your company can purchase, if the finance charge process isn’t enough.
We ended up going a separate direction, creating a customization that creates a misc header charge for interest (rate is set on the promissory note terms, which goes to the order header), invoices it to the a deferred revenue GL account, and then amortizes it monthly from deferred revenue to interest income (I’d have to double check details, but it took a lot of work).
Hope this helps!
Appreciate your help!
My question was headed to bank loans received (i should have noted that). I have seen in EpicCare people talking about Loan reports but i cannot find anything.
Saul,
You can setup recurring AP Invoices. If the payment is the same each month, shouldn’t be too hard. And if you want to split up interest and principal, enter separate lines (GL’s), and adjust the amounts. You could code a BPM in C# to calculate the amortization automatically.
From help: