Statements
Generate and automate billing statements for up to 25 years in the past.
Billing statements are automatically generated at the end of each billing cycle. LoanPro will be able to access transaction statements from the most recent billing period up to 25 years in the past. This article will explain how to access statements for loan and line of credit accounts.
Loan statements
To download statements as a PDF, use the billing tool. This is also helpful if you would like to print and mail bills to your customers using the billing templates that LoanPro provides. It can be found by navigating to Tools > Customer Communication > Billing inside your company account. If you want your billing statements to be entirely custom, you can create a Dynamic Template as a billing statement instead.
To send loans to billing, navigate to Account Manager and select the loans you would like to send. Click the 'Send to Billing' link. This will send you to the ‘Billing’ section in the Communication Suite. Here, you can choose your billing options and generate statements.
At the top of the page are multiple billing template options. The image to the right of these options previews how the statement will look. You can set defaults for many of these values by clicking 'Defaults' in the top-right corner of the page. The template options you can adjust include the following:
| Option | Description |
|---|---|
| Template | Choose the template that will determine how your printed statements will look. The 2.0 Billing Statement works slightly differently than the rest and will give you some additional options. |
| Theme | Set a color theme for the billing statement. |
|
Header color |
This is a custom color for the bill’s header. Clicking on this field displays a color picker; but you can also enter a hex color code directly if preferred. |
| PDF Format | Here, you can choose whether bills should generate as one large PDF file or as individual PDF files per loan. Typically, it’s easier to print one large file than to open and print individual ones. |
| Statement date | This date appears at the top of the bill as the statement date. |
| Co-borrower statement | Here, you can choose whether to generate a separate statement for the co-borrower. |
| Show billing transactions from | This option is only available if you chose 2.0 Billing Statement from the ‘Template’ drop-down. The 2.0 Billing statement will display loan transactions either for the current payment period or over a specified date range, and this drop-down lets you choose which to use. |
| Custom text | This text box allows you to enter custom text that will appear on the billing statement. |
At the bottom of the page, you can remove any previously selected loans from the billing queue by clicking the red trash icon to the right of individual loans.
To generate the billing statements for the loans you have selected, click 'Generate' in the top-right corner of the page. This will generate PDFs for the statements you have created. To view the PDFs, click the 'Billing' header which will now display a notification counter of the form generation requests in the last 24 hours.
Line of credit statements
In LMS, navigate to Lines of Credit > Inside a Line of Credit account > Statements.
The statement is categorized by each the billing cycles of the account and provides details about the period through a number of different fields:
| Fields | Description |
|---|---|
| Period | The billing period for the transaction. |
| Minimum Payment | The minimum payment required for the transaction. |
| Starting Balance | The starting balance of the billing period. This will typically be the ending balance of the previous period. |
| Payment Total | The total amount of payments and credits made during the billing period. |
| Swipe Total | The swipe total during the billing period. |
| Finance Charges | The amount of interest charged. |
| Ending Balance | The ending balance of the billing period. |
The download button at the far right of each entry lets you download the statements as a PDF. Clicking the arrow will open a new side window with more information about the transaction.
To create a statement template, navigate to Settings > Line of Credit > Statements. Click ‘Add’ at the top right of the page to add a new template. On this page, you can give your template a name and choose whether you want it to be active/inactive using the ‘Status’ toggle switch. Turning the switch on sets the template as ‘Active’, which will make it available to use for a billing statement in an individual account.
Below the ‘Name’ field is a dropdown menu for the template's file type. 'HTML' will open up our Dynamic Templates editor where you can use HTML to create your template in the software. Similar to Dynamic Templates, these templates use context variables that will pull data from the borrower's accounts and merge it into the templates. Once you finish creating your template, click ‘Save Changes’ at the top right of the page.
The main ‘Statements’ page will show you all of the templates you've created in your tenant. At the right of each listing are the options to ‘Edit’ or ‘Delete’ your template.
Once you've created a few statement templates, you can assign them to a line of credit account. This will ensure that the billing statement generated on the account will use the template that is assigned to it. To assign a statement template, go into an individual account and navigate to Account Settings > Settings. The ‘Account Settings’ section should be at the top of this page. Click the pencil icon at the top right to edit the ‘Account Settings’ section. Scroll until you see the ‘Statement Type’ field and click it to choose a template from the dropdown menu.
It's important to remember that the templates that are set to the “Active” status in Lines of Credit > Statements will be available as an option in the ‘Statement Type’ field. After choosing the statement template for this account, click the ‘Save’ button at the bottom.
Automating statements
You can automatically send billing statements to your customers at the end of each billing period after they're auto-generated using event-based notifications. Again, the process is different for loan and line of credit statements.
Automate loan statements
The easiest way to send out billing statements is to create automated email triggers. Automated emails can even be set up to send your customers statements a specific number of days before a payment comes due. To do this, navigate to Settings > Company > Automated Notifications > Dynamic Triggers. Click the ‘Add’ button in the upper right corner. In this window you can determine the name, trigger, and email content for the notification. For more information about trigger-based notifications, see our Automated communication article.
Automate line of credit statements
Before you enable automated statements, we recommend creating a template for your statements so that they match your company's branding and operations.
To enable automated statements, navigate to Settings > Company > Automated Notifications > Event-Based Triggers and scroll down until you reach the ‘Line of Credit Events’ section. Click the pencil icon to edit the ‘Statement Generated’ event. This event will trigger a notification to be sent when a statement is generated for an account.
Was this article helpful?