History and Dates

Introduction

The History and Dates are settings that can be turned on or off on a loan. History refers to the history transactions on a loan, while Dates refer to the way the system looks at dates when calculating the loan term.

History and Dates Setup

You can find the History and Dates settings inside of the Account Setup > Setup Terms tab inside of a loan. These settings are always turned on when a loan is active. If the loan is inactive, the History and Date settings are automatically turned off. However, you can make changes to the settings while the loan remains inactive.

The history and dates settings are located at the bottom of the loan terms tab. If History is turned off, you won’t see the Dates setting, and it will be set to off. You can have History turned on and set Dates to on or off using the History for Setup and Dates toggle switches. Click the toggle switch to change the status of History or Dates settings.

History

When the History is off, the loan isn’t taking into account transactional items like payments, charges, credits, advancements, etc. when calculating the payment schedule of a loan. As such, you will only see scheduled and forecast payments when you look at the Transactions report, as shown below.

If you turn the History on, you will see all of the transactions that have occurred on the account.

This will affect the loan numbers that are pulled directly from the payment schedule (e.g. principal balance, payoff), so if you're looking for accurate information, you'll most likely want the History to be turned on for your accounts.

Dates

Turning on Dates causes LMS to look at the dates on a loan in relation to the current date. If Dates is on and today is the 31st of October, the system will know that the 2nd of September is in the past. If Dates is off, the system doesn’t use any date to reference the present, so the loan term is more like an undefined piece of time. 

If Dates is on, the Transactions report will show an accurate history of what occurred on the loan.

Again, having Dates set to off can cause numbers that are pulled from the transactions report to be inaccurate, so you will usually want Dates turned on for accounts you are servicing. The easiest way to do this is to activate the accounts.

If History and Dates are turned off, the Transactions report will look how it would have on the contract date, which allows you to see what the loan would have looked like prior to any transactions.


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