Create Initial Balance

This page allows you to record the opening balance break up details for the existing loan.

Select the “Create Initial Balance” link under the “Asset Financing” business component.

The “Create Initial Balance” page appears.

- Clicking this icon available near certain fields takes you to the help page of the respective field.

Select the following details:

Finance Book

Use the drop down list box to select the code identifying the finance book for which initial balance for loan is to be created. The combo would be loaded with all the finance books mapped to the login company.

Click on the "Get Details" pushbutton to retrieve the details in the multiline (if entered already) or
Enter the following fields in the transaction details:

Loan Agreement No.	The unique number identifying loan agreement.
Description	The description of the loan agreement.
Sanction Date	The date of sanction of loan agreement.
Loan Type	Use the drop down list box to select the type of loan. The combo would be loaded with values defined for parameter category – “Asset Financing Loan Type” in Maintain Entity Details activity.
Interest ID	The code identifying the interest id.
Loan Party Type	Use the drop down list box to select the type of loan party. The combo would be loaded with “Other Parties”.
Party Code	The code identifying the party.
Currency	Use the drop down list box to select the code identifying the currency in which loan amount is to be received. The combo would be loaded with all the currencies mapped to the login company.
Loan Exchange Rate	The number of units of the base currency with respect to the currency in which the loan is received, if they are different. If loan currency is same as base currency of the company the system displays “1” by default on launch of page.
Loan Amount	The amount of loan.
Outstanding Loan Amount	The loan amount that is outstanding.
Deferred Interest	Use the drop down list box to select whether deferred interest is applicable or not. The combo would be loaded with “Yes” and “No”
Asset Wise Schedule Generation	Use the drop down list box to select whether schedules are to be generated asset wise or not. The combo would be loaded with “Yes” and “No”
Electronic Payment	Use the drop down list box to select whether electronic payment can be made. The combo would be loaded with Yes and No based on the Pay Modes. Applicable parameter set in the Company Parameters.
Payment Method	Use the drop down list box to select the method in which the payment has to be made. The combo would be loaded with Regular.
Payment Route	Use the drop down list box to select the way in which the payment has to be made. The combo would be loaded with Bank.
Payment Mode	Use the drop down list box to select the mode in which the payment has to be made. The combo would be loaded with “Check” and “ECS” when electronic payment is selected as No. When the same is selected as Yes , combo would be loaded with ABA.
Bank Code	Use the drop down list box to select the code identifying the bank accounts. The combo would be loaded with all the Bank codes defined in the Create Bank/ Cash Details activity.
Final/Balloon Payment	Use the drop down list box to select whether final/balloon payment is applicable for the loan. The combo would be loaded with Yes and No.
*Final/Balloon Percentage*	The percentage for final/balloon payment.
Final/Balloon Amount	The amount for final/balloon payment.
Equated Interest/Prinicipal	Use the drop down list box to select whether equated interest/principal is applicable or not. The combo would be loaded with Yes and No.
EMI Amount	The fixed payment amount.
Interest Amount	The amount of interest on loan.
*Processing Charges*	The amount of processing charges.
*Frequency*	Use the drop down list box to select Use the drop down list box to select the payment frequency. The combo would be loaded with “Monthly”, “Half Yearly”, “Quarterly” and “Yearly”.
Start Date	The start date of the loan repayment schedule.
Scheduled Start Date	The date from which loan repayment schedule is to be accounted in our system.
End Date	The end date of the loan repayment schedule.
Loan Account	The code identifying the account that is defined for the loan.
*Deferred Interest Account*	The code identifying account that is defined for Deferred interest.
Interest Account	The code identifying the interest account.
Cost Center	The code identifying the cost center against which interest account is mapped.
Analysis Code	The code identifying the analysis code against which interest account is mapped.
Sub Analysis Code	The code identifying the sub analysis code against which interest account is mapped.
Project/Sub Project OU	Use the drop down list box to select the organization unit in which project code has been created. The combo would be loaded with the OUs to which “Project Definition” business component mapping exists.
Project/Sub Project Code	The project/ sub project code to which transactions are to be attached. This code should have been defined in the “Project Definition” business component and the status of the code should be either “Approved”or “Revised” .
Remarks	Any observations pertaining to the loan.

Click on the “Validate” pushbutton to validate the details of the transaction.
Click on the “Create” pushbutton to record the initial balance.
Select the “View Error Log” link to view the error details.
Select the “Complete Initial Balance” link to complete the initial balance.