History and Dates

General

The concept of history and dates is probably confusing since it is unique to LoanPro.  History and dates are settings that can be turned on or off for a loan.  History refers to the history of transactions on a loan, while dates refers to the way the system looks at dates when calculating the loan term.

How To

You can find the history and dates settings inside of the Account Setup > Setup Terms tab inside a customer account.  If the account is activated, these settings are turned on.  If you want to make changes to the settings, you have to inactivate the account first.

The history and dates settings are located at the bottom of the page.  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 then set dates to on or off using the History for Setup and Dates toggle switches.  Just click the toggle switch to change the status of history or dates.

History

If history is off, the loan isn’t taking into account transactional items like payments, charges, credits, advancements, etc. in calculating the payment schedule of the loan.  If history is turned off when you look at the Transactions report, you will only see scheduled and forecast payments.

If you turn 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, in the main, you will want history to be turned on on your accounts.

Dates

Turning on dates makes LoanPro look at the dates on a loan in relation to today’s date.  If dates are on and today is the 31st of October, the system will know that the 2nd of September is in the past.  If dates are 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 history and dates are turned off, the Transactions report will look like it would have on the contract date.

If the dates are 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 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.


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