| Answer:
Most LoanMaster Lite users update only once a week or
once a month.
Notices are created and stored in a
virtual notice in a data file. A virtual notice is a
notice that exists only in the computer. It becomes a
real notice only when it is printed. If you don't print
it on the date it was created, you can print it later.
If you print it later, it is not recalculated, it is
still a notice for a past date with figures that were
appropriate for that past date.
These virtual notices are created (ONLY) during the
daily update cycle. Once created they are never
revisited. A notice for March 1, 2001 will always be a
notice for March 1, 2001 whether you print it on March
1, 2001, March 8, 2001, or June 1, 2001.
During the daily update cycle
each loan is checked each day to see if a notice is due.
If it is due, it is calculated and written to the notice
file.
NOTICES ARE CREATED ONLY
DURING THE DAILY UPDATE AND CANNOT BE RECREATED FOR PAST
DATES. (Exception:
Past Due Invoices)
If, on July 10, you update from July 3 through July
10, you will get notices (in the database file) for July
3 through July 10. To print them, you must specify a
date range of July 3 through July 10. When they are
printed, the notices for July 3 will be a week old but
they will represent the status of the loan on July 3.
Print them at "Reports / Billing Notices"
If you update every day, and print only notices for
"today", you will get notices appropriate for
"today". (But only if a notice is due today.)
This way, you can forget about the date range. You would
still have to enter the date range to print the notices.
The date range would be entered from "today"
to "today". If you operate in this fashion,
and skip Saturday and Sunday, when you update Monday,
you will get notice for Saturday, Sunday, and Monday. To
print them, you must specify the date range from
Saturday to Monday. The Saturday notices will be
"As of" Saturday.
Notice Timing
If you have billing notices set to 10 days prior to
payment date and the payment date is the 15th, the
notice date will be the 5th. If you update on the 13th
for the dates from the 5th to the 12th in a multi-day
update. You will not get this notice until the 13th.
If you have past due notices set to 10 days late and
every 7 days thereafter and the payment date is the
15th, the notice date will be the 22nd and every 7 days
thereafter. If the 22nd is on Saturday and you update on
Monday for dates from the 15th to the Monday( the 24th
), you will not print this notice until the 24th (two
days after the payment was due.)
Past Due Invoice
Option
Unlike the other billing notices, this notice is
created immediately before it is printed and will be
current as of the date last update.
This notice is printed in a format similar to both a
letter and an invoice. It lists all payments due and
unpaid on the notice date. It also lists the late charge
due and the total amount due. The payment amounts listed
are the normal payment amounts. It makes no distribution
to interest and principal and ignores partial payments.
This payments list is keyed off the date called
"Payment Due For". All payments since that
date will be listed. For loans paying partial payments,
this date can become inaccurate due to manual editing by
the operator. This date is edited manually when the
operator determines the borrower has paid enough partial
payments to warrant advancing the due date.
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