Contents - Index


Driver Loan Calculations

This screen is accessed from the Driver Loans screen.

Purpose
The purpose of this screen is to calculate and track loans and cash advances. 

How to Use
The only difference between a loan and a cash advance is whether or not you charge interest. This help topic will refer to everything as a "loan."

Loan Calculation
When you first enter this screen, you will only be presented with the Loan Calculation box. Calculating a loan requires the following fields:
  • Date of Loan. This is date on which you lent the money to the driver. If you are charging interest, then this is the day on which interest starts.
  • Loan Amount. The amount that you are lending (or advancing).
  • Interest Rate. For cash advances, you may leave this at zero percent.
  • Term. This is the total number of payments that the driver will be making.
  • Payment Frequency. This is how often a payment will be made. If you are lending money for one year, and you want your driver to make weekly payments, then you would set this to "Weekly" and the Term would be set to 52 total payments.
  • First Payment Due Date. The day on which the first payment is due. If you are charging interest, then interest will be calculated from the Date of Loan to this date, and will be referred to as "Deferred Interest." (This is also known as "Prorated Interest.")

    After filling in these fields, click the Calculate Payment button. Your loan will be calculated, and all of the other features for this screen will be turned on. Please note that you can edit and change the loan calculation data until a payment has been made. Once a payment has been made, this information is locked.

    Reports
    To run a report, click on the report you wish to see and then click one of the three buttons to the right:
  • This will preview the report.
  • This will send the report directly to your printer.
  • This will send the report as a PDF attachment to an e-mail. See the e-mail send screen for more details.
  • Loan Agreement. This will create a contract between you and your driver for the repayment of the loan. It is recommended to print one of these for each loan you make, as it will protect you in the event that your driver fails to make payments and you need to file a lawsuit.
  • Amortization Schedule. This is a schedule of principal and interest that you would make if each payment were made on the day due. This is typically for your eyes only.
  • Payment Schedule. This is a schedule that your driver can use to make payments on time.
  • Payment History. This is a report of the actualy payments made and how much principal and interest you made on each payment.

    Actions
  • Interest Rate Change. Use this button to change the interest rate for a loan. You may change the rate as many times as desired over the life of a loan. Rates changes must be done in chronological order.
  • Active Status. Use this to deactivate a loan. 

    Loan Status
    This is used to provide information on the status of the loan. By default, the status provided is always as of today. However, you may manipulate the calendars to get future or past information. (All of the fields in this box are calculated based on the calendar settings. If you change the calendars, make sure you click the Calculate button.)
  • Last Paid Term. This is the last fully paid term of the loan.
  • Last Payment. The date and amount of the last payment made.
  • Normal Payment. The amount that each payment is supposed to be.
  • Next Due Date. The date on which the next payment is due.
  • Days. The number days ahead (negative) or behind (positive) the Next Due Date.
  • Pmt. Balance. This is the sum of the amounts due on the loan. It is NOT the loan payoff amount. It simply represents the outstanding payments remaining on the loan.
  • Payoff. The amount in the "Ending" column is the payoff amount that will bring the loan to a zero balance. When the calendars are set to today's date, this IS the loan payoff amount.
  • Principal. The principal balances of the loan, along with what principal has been paid.
  • Interest. The interest owed on the loan, along with what interest has been paid.
  • Owed. The outstanding payments owed on the loan. If negative, the loan is paid ahead.
  • Received. The payments received to-date.
  • Deferred Interest. The amount of interest that was calculated between the Date of Loan and the First Payment Due Date.
  • Loan Interest Rate. The current interest rate. This may be changed via the button at the end of the field.

    Payment History
    This is used to view the payment history as well as to post payments made. The yellow line in the payment history grid indicates the current payment due date; that is, the due date in which the next payment will be applied. If this line is in the past, then the loan is past due. If the line is in the future, then the loan is current or paid ahead.

    This history display does not show loan payoff information. It does show payments owed, based on the the payment schedule. Only the Loan Status Ending Payoff field shows payoff information.

    The "Days" column indicates how early or late the corresponding payment was made.

    Use the Post a Payment button to make a payment to this loan. 

    Use the Delete Last Payment button to remove the last payment listed in the payment history. You would use this button in the event that a payment made came back NSF.