M9-AR-1128 Contract Receivables System

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Contents

Synopsis

This Extended Solution to the Accounts Receivable module provides a simple way to track information on loans outstanding. In addition, it provides a method for dividing payments into Principal, Interest, Impoundment and Late Fees. There is an option to calculate interest on a daily rate, and, if in use, there is also an option to calculate a loan payoff amount. A menu option is available to print 1098 Forms and clear the YTD fields for all loans.

The A/R setup option for ‘Post Cash Receipts in Detail to G/L’ must be set to ‘Yes’.


If you have AR-1243, Auto Invoice Replication installed and activated, the Tax Payer ID field in Customer Loan Maintenance will no longer be required and the following fields will be inactivated:

  • Interest Rate
  • Late Charge Rate
  • Impoundment Amount
  • Principal Account
  • Interest Account
  • Late Charge Account
  • Impoundment Account


Installation

Before installing any Extended Solution, please verify that the version level referenced on your installation file is the same version level as your Sage 100 (MAS 90 MAS 200) installation. (For more information please call (800) 425-9843). It is recommended to have a complete and tested backup prior to installing any application on your Sage 100 (MAS 90 MAS 200) platform.

Extended Solutions Control Center

Installing any Extended Solution will add an Extended Solutions Control Center to the Sage 100 (MAS 90 MAS 200) Library Master Utilities menu. When you open the Control Center, the following options will be available:

  • Merge Installation Files
  • Extended Solutions Setup options

Custom Office

If you customize your Sage 100 (MAS 90 MAS 200), then you must run the Update Utility every time you install this Extended Solution.

Setup

Upon completion of software installation, you will need to access Extended Solutions Setup from the Accounts Receivable Setup menu. Select this part number, and the Setup screen for this Extended Solution will appear (Figure 1). Check the ‘Enable Extended Solution’ box to activate this Extended Solution.

AR-1128 Setup Options
Figure 1


Answer the following prompt:

Calculate Interest On a Daily Rate: Check this box to have interested calculated at a daily rate instead of a monthly rate.

You should visit this Setup screen after each upgrade or reinstallation of this Extended Solution.


Role Maintenance
The following Task has been added to Accounts Receivable, Setup Options:

  • Extended Solutions Setup

The following Task has been added to Accounts Receivable, Reports Forms:

  • 1098 Form Printing

Please review your security setup in Role Maintenance and make appropriate changes.

Operation

Each loan is represented by one or more Invoices in MAS 90 MAS 200 Accounts Receivable. Each customer account is limited to one loan. Each customer account is also limited to one loan in any calendar year for interest reporting. Set up the loan information in Customer Maintenance for each applicable customer. If a borrower has more than one loan, multiple customer accounts can be set up for each loan.


Customer Maintenance

A ‘Loan Info’ button has been added to Customer Maintenance for those customers who are Open Item (Figure 2). Click this button and you will be presented with Loan Maintenance (Figure 3).

AR-1128 Customer Maintenance
Figure 2


AR-1128 Loan Maintenance
Figure 3


Complete the Setup fields for the Main tab (Figure 3):

LOAN NUMBER: Enter the loan number.
ORIGINAL LOAN AMOUNT: Enter the Original amount of the loan.
CURRENT BALANCE: Enter the Current Balance of the loan.
TOTAL PAYMENTS: Enter the total number of payments to pay off the original amount of the loan.
PAYMENTS REMAINING: Enter the number of payments left to pay off loan.
PAYMENT AMOUNT: Enter the monthly payment amount. This should consist of principal +interest and does not include impoundment.
INTEREST RATE: Enter the interest rate (field is inactive if you have AR-1243 installed and enabled).
LATE CHARGE RATE: Enter the percentage which will be assessed on a late payment (field is inactive if you have AR-1243 installed and enabled).
GRACE PERIOD: Specify the number of days you want to use for the grace period when calculating late charges.
FIRST DUE DATE: Specify the date the first payment is due.
IMPOUNDMENT AMOUNT: Enter the default impoundment amount for each payment (field is inactive if you have AR-1243 installed and enabled).
YTD INTEREST PAID: Enter the year to date interest paid.
LTD INTEREST PAID: Enter life to date interest paid.
YTD IMPOUNDMENT: Enter the year to date impoundment paid.
LTD IMPOUNDMENT: Enter the life to date impoundment paid.
LAST PAYMENT DATE: Enter the date last payment was received.


AR-1128 Loan Maintenance
Figure 4


Complete the Setup fields for the Additional tab (Figure 4):

ORIGINATION FEE: Enter any Origination Fees charged to this loan.
POINTS: Enter Points charged to this loan.
INTEREST AT CLOSING: Enter the interest due at closing.
INTEREST ONLY: Check this box to designate this loan as an interest only loan.
TAXPAYER TYPE: Select the taxpayer type: Individual or Business
TAXPAYER ID: Enter the Taxpayer ID (this field is not required if you have AR-1243 installed and enabled).

The following two options are available only if you elected to ‘Calculate Interest on a Daily Rate’ in Extended Solution Setup:

LAST FULL INTEREST DATE: Enter the last date that full interest will be charged.



Last Full Interest Date needs an initial value (Loan origination date, for example).


DAILY INTEREST PAYMENT TOTAL: Enter the total amount of interest paid after the last full interest date.


AR-1128 Loan Maintenance
Figure 5


Complete the Setup fields for the Accounts tab (Figure 5):

PRINCIPAL ACCT: Enter the GL Account for principal.
INTEREST ACCT: Enter the GL Account for interest.
LATE CHARGE ACCOUNT: Enter the GL Account for late charges.
IMPOUNDMENT ACCT: Enter the GL Account number for impoundment.

These fields will be inactive if you have AR-1243 installed and enabled.


Loan Payoff Amount

If you elected to ‘Calculate Interest on a Daily Rate’ in setup, you will have access to the ‘Loan Payoff Amount’ button (Figure 2) on the Loan Maintenance screen. Click this button to access ‘Loan Payoff Calculation’ (Figure 6).

.

AR-1128 Loan Payoff Calculation
Figure 6


Anticipated Payoff Date will default to the system date but can be changed. The Payoff Amount will be calculated as noted below (see Cash Receipts Entry) but will substitute the date in this window for the deposit date. The Payoff Amount is equal to the Current Balance plus calculated interest due through payoff date.

This data is not stored.


Cash Receipts Entry


If the customer has a positive balance in the Current Balance field of Loan Maintenance, a pop-up window for Loan Information will appear after the Check Amount has been entered in Cash Receipts Entry (Figure 7).

AR-1128 Loan Information
Figure 7


All of these amounts are calculated by the system. Principal, Interest, Impoundment and Late Charges may be overridden. If you have AR-1243 installed and enabled, the Interest Rate, Late Charge Amount, and Impoundment Amount will be inactive and all calculations will be figured accordingly. The amounts are calculated as follows:

Invoice: where you want to apply the check
Payment Amount: defaults from the Cash Receipt’s Amount Received (display only)
Interest = (Current Balance * Interest Rate)/12. Rounded to two decimal places unless you are using the ‘Calculate Interest on a Daily Rate,’ option then the following formula will be:
Current Balance * (interest rate/365) * (number of days between ‘Last Full
Interest Date’ and the deposit date) –‘Interest Only Payment Total’.
If payment amount is less than interest, then interest will be set to payment amount.
Principal = Payment Amount – Interest. If ‘Interest Only’ was checked in Loan Maintenance, the user will not have access to the principal amount field.
Late Charge: if Payment Date (Deposit Date) is more than (Grace Period) days past the end of the month due, then Late Charge = Regular Payment * Late Charge Rate (read as a percentage)
Number of Payments = Number of transactions this payment is covering
Impoundment: defaults from amount on customer loan
Total Due = Interest + Principal + Late Charge (display only).
Over/Under Payment = Cash Receipts Amount Received – Total Due (display only). Under Payments are netted against the principal in this payment; this payment increases the principal balance.
Last full interest date: Only available if using daily rate from setup – Displays last date full interest collected.
Interest payment total: Only available if using daily rate from setup – Displays interest payment total.

When you have finished entering any changes to the Loan Information fields, a Cash Receipt is created as follows:

  • One line for (principal pmt – underpayment + overpayment) and an AUTO (MAS 90 MAS 200 function that applies payment to the invoice entered above).
  • Interest: A G/L line for interest
  • Impoundment: A G/L line for impoundment
  • Late Charge: A G/L line for late charges


Cash Receipts Update

Cash Receipts Update will also update the Customer’s Loan Information as follows:

  • The Principal Paid (Principal Calculated – Underpayment + Overpayment) is deducted from the Current Balance in the loan file.
  • Interest Paid YTD and LTD are incremented.
  • Impoundment Paid YTD and LTD are incremented.
  • The Last Payment Date is updated with the Deposit Date.
  • The credit for the principal payment is posted to the G/L Account specified in the loan file.
  • The Number of Payments Remaining is reduced by the Number of Payments made.

If ‘Calculate Interest on a Daily Rate’ is checked and payment amount is greater than or equal to Interest Due, then:

  • the ‘Last Full Interest Date’ is updated with the deposit date
  • ‘Daily Interest Payment Total’ is set to zero

If payment amount is less than Interest Due, then

  • ‘Last Full Interest Date’ is NOT updated
  • Interest amount is added to ‘Daily Interest Payment Total’


1098 Forms

Select the option ‘Form 1098 Printing’ from the Reports menu (Figure 8). 1098s forms can be maintained by clicking the Designer button. Minimum YTD Interest defaults to 600.00 but can be overridden.

AR-1128 Form 1098 Printing
Figure 8


If the Taxpayer Type in Loan Maintenance is set to ‘Individual’, the form will print using the individual taxpayer ID format. If the Taxpayer Type is ‘Business’ the form will print using the employer format.

  • A form will only print if the ‘YTD Interest’ plus the ‘Interest at Close’ is greater than the ‘Minimum YTD Interest’ specified on the 1098 Printing selection screen.
  • The Total Interest field will print the total of the ‘Interest’ and the ‘Interest at Closing’.
  • The ‘Total Points’ field will print the sum ‘Points’ and the ‘Origination Fee’.

A company total page will print after the 1098s have been printed. It will hold the total interest (‘YTD Interest’ plus the ‘Interest at Close’) for the company (Figure 9).

AR-1128 Interest Report
Figure 9


After printing, you will be prompted to ‘Clear YTD Fields’ (Figure 10). Click ‘Yes’ to clear the following: YTD Interest, YTD Impoundment, Origination Fee, Points and Interest at Closing for all loans, regardless of which 1098’s have been selected for printing.

AR-1128 Clear YTD
Figure 10


Cash Receipts for the new calendar year must not be entered until the 1098 Forms are printed and the ‘clear’ function has been performed for the previous year.


Helpful Hints

Loans cannot be set up for balance forward customers.

Crystal Reports and the ODBC Dictionary

The files listed below have been added or changed in the ODBC Dictionaries by this Extended Solution for Crystal Reports purposes.

AR-1128 ODBC Dictionary

Be aware that the ODBC Dictionaries may contain other files and data fields that will be unavailable without their corresponding Extended Solutions installed.

What’s New

With the 07-21-2011 release:

  • Compatible with the Expanded Customer Number feature that was added in MAS90 version 4.40.

With the 04-01-08 release:

  • Added support for AR-1243, Auto Invoice Replication

With the 07-09-07 release:

  • Converted to Business Framework
  • AR-1074 UDF features are no longer supported
  • Removed AR-1080 Setup options
  • Loans are now in their own file


Upgrades and Compatibility

The installation CD is labeled with the version of the MAS 90 MAS 200 module for which this Extended Solution was prepared. This Extended Solution will check its compatibility with the appropriate MAS 90 MAS 200 modules and will be disabled if an incompatibility is found. If you upgrade your MAS 90 MAS 200 modules, this Extended Solution must be upgraded as well. Your MAS 90 MAS 200 dealer can supply this upgrade.


Documentation

Only changes made by Blytheco, LLC to the standard operation of Sage Software, Inc. MAS 90 MAS 200 have been documented in this manual. Operations not documented in this manual are standard procedures of MAS 90 MAS 200 processing. Standard MAS 90 MAS 200 processes, data entry screens, inquiry screens, reports, updates, etc., have not been changed unless addressed in this document.

Parts of this document may refer to the Specific Purpose Rule. When referenced, the described feature was developed for a specific client to its specifications and may not conform to generally accepted MAS 90 MAS 200 standards and procedures. These features may or may not benefit you in your application of MAS 90 MAS 200.


Acknowledgments

Copyright © 2010 Blytheco, LLC. MAS 90 and MAS 200 are registered trademarks of Sage Software, Inc.


Revision Note: 4.4

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