Watch the below video to see how the Account Settings page works:




Navigation: Admin >> Account Settings

Description: View and edit your account settings. These settings will affect all branches under your account.


The following fields are present in the Account Settings page.


Company Settings:

Company Name

Specify your Company Name.


Note that in Admin >> SMS Settings >> SMS Template, the {BusinessName} placeholder will use the Company Name entered in Account Settings.

Country
Select the country where your business is located.

Note that in Borrowers >> 
Add Borrower, the Country field is auto-populated with the Country value entered in Account Settings.

Timezone
Select the timezone where your business is located. It is important you select the right timezone since this will be used to in sending sms/email, overdue loans, collection sheets, and storing records in database.

Currency
Select your account currency. This will be shown in amounts and statements. 
Please note that you can have different currencies for each branch by overriding the account currency. To do this, please visit Admin >> Manage Branches >> Branches >> Edit. There you will see Optional Fields: Override Accounts Settings section.

Date Format
Select the right date format.

dd/mm/yyyy - Day/Month/Year
mm/dd/yyyy - Month/Day/Year
yyyy/mm/dd - Year/Month/Day

Show Results Per Page
These are the number of results that will be shown per page on View All Loans, View Borrowers, View, Payroll, View Expenses and others.

Loan Settings:
Monthly Loans Repayment Cycle
Select how many days should be in a month if you select monthly repayment cycle in Add Loan.

There are 5 options:
  • Actual Days in a Month
  • Same Day Every Month
  • 31 days
  • 30 days
  • 28 days

When you add a loan and select monthly repayment cycle, the system doesn't know if monthly is 31 days or 28 days or actual days in that month or same day next month. This option tells the system how to calculate monthly repayments dates.
 
Please note that if you select Same Day Every Month and that date is not valid, system will select next date. For example, if you release loan on 31 January and you selected Same Day Every Month above, next repayment date would be 31 February but that is not valid so system will put next date as 1st March.

Yearly Loans Repayment Cycle

Select how many days should be in a year if you select yearly repayment cycle in Add Loan.


There are 4 options:
  • Actual Days in a Year
  • Same Day Every Year
  • 365 days
  • 360 days

When you add a loan and select yearly repayment cycle, the system doesn't know if yearly is 365 days or 360 days or actual days in that year or same day next year. This option tells the system how to calculate yearly repayments dates.
 
Please note that if you select Same Day Every Year and that date is not valid, system will select next date. For example, if you release loan on 29 February and selected Same Day Every Year above and next year there is no 29th February, then the next repayment date would be 1st March.

Days in a Month for Loan Interest Calculation
Select how many days in a month for loan interest calculation. 


There are 3 options:
  • 31 days
  • 30 days
  • 28 days

Consider a scenario where you have a loan for $5000 at 10% Per Month for 12 days with daily repayments. In that case, the system doesn't know if there are 31 days, 30 days, or 28 days in a month. This option tells the system how many days there should be in a month. For example, the interest of the loan would be calculated as follows:

10% / Days in a Month for Loan Interest Calculation x 12 days x $5000= Total Interest


Assuming Days in a Month for Loan Interest Calculation is 30 days, the Total Interest would be $200 interest for 12 days.


Days in a Year for Loan Interest Calculation
Select how many days in a year for loan interest calculation. 


There are 2 options:
  • 360 days
  • 365 days

Consider a scenario where you have a loan for $5000 at 45% Per Year for 12 days with daily repayments. In that case, the system doesn't know if there are 360 days or 365 days in a year. This option tells the system how many days there should be in a year. For example, the interest of the loan would be calculated as follows:

45% / Days in a Year for Loan Interest Calculation x 12 days x $5000= Total Interest


Assuming Days in a Year for Loan Interest Calculation is 360 days, the Total Interest would be $75 interest for 12 days.


Daily Report Settings: 
Receive Daily Reports on

Select the daily reports that should be delivered on your email.


There are 5 options:
  • Loans Due Today
  • Loans Expiring Today
  • Loans Past Maturity Date
  • New Loans Added
  • New Repayments Added

Select Staff that will receive Daily Reports

Select the staff that should received the daily reports on email.


Company Logo

You can upload your company logo in gif, png, jpg, or jpeg format. The logo will be displayed when you print loan statement, loan schedule, client statement, repayment receipt, collection sheet, and savings statement.