Loan Late Fees & Statements

Loan statements have been revised to charge late fees, according to what has been set up on each customer's Billing - Late Fee screen. Running statements has been moved to the Reports page in the Reports Notebook. The date of the last loan statement created will appear on the Loan Status screen.

Individual statements may still be run from the Loan - Payment Schedule screen. Late fees will be assessed from this process as well.

Late fees may be reversed via posting a Service Charge Retraction. Late fees charged (or waived) will appear on the Payment Schedule screen and report.

More information on setting up late fees for loans and how to run loan statements may be found in ALMSys help.

Late Fee Changes

A new field has been added to the late fee screen that will allow you to set the day of month on which the grace period is to end. This is for monthly payment deals only. This would work great for a portfolio where all deals are due on the same day and you want to set a specific grace period ending day each month.

There is an ALMSys user which has all of their leases due on the 28th of the month. They want to always run billing on the 16th, so they set the grace period ending day to the 15th. When using the "Days before delinquent" field, ending the grace period on the 15th of the month would not work for all months, due to the varying number of days in the month.

Report Revisions

The stock number has been added to "Portfolio by Customer," "Termination Projection Detail," and "Insurance Lapsed/Cancelled" reports.

Added the current monthly payment amount to Termination Projection Detail and Termination Projection Detail by Rep.

ACH/EFT Interfaces

The last version of ALMSys introduced an electronic funds transfer interface to CIBC Bank in Canada. This version introduces an interface with RBC Bank. You may now set up ALMSys to request payments from customer checking and savings accounts through either of these banks.

The Credit Card/ACH screen has been modified to include the company name (reporting name). If this field is filled out, then the interfaces will use this field instead of the first and last name fields.

A new button has been added to the Credit Card/ACH screen that will copy the screen's data to ALL customers that have deals in the same location. You would only use this button if ALL deals in the same location belonged to the same customer. (For example, a rental agency with too many deals to keep under one customer number.)

Other Changes

1. You may now copy the recurring payment setup from one deal to all deals within same customer.
2. A button has been added to the name and address screen that will show the customer's address on Google Maps.
3. Added 2 new events to contact history: "Pull new credit report" and "Expect report from trustee."
4. Added address to the License Tabs Renewal report.
5. Added two more recurring payment buckets.