TrakLoan
is a loan management system designed specifically for local
and regional development companies that make loans to local
businesses and borrow, in turn, from government or other agencies.
The system was developed and tested over a two-year period
by Peak InfoSystems, Inc. at Pikes Peak Regional Development
Company in Colorado Springs, Colorado.
TrakLoan maintains a database of accounts, loan types,
and a journal of payments and disbursements.
The TrakLoan operator enters payments or disbursements
into the journal as they are made at various times during
the month or other fiscal period.
At the end of each period the operator clicks the [Post
Journal] button and TrakLoan posts the journal. Posting
updates the account records with the transactions in the
journal and produces a posting report that shows the status
of each loan before and after posting.
Each account is shown on the posting report. If an account
had transactions during the period, each transaction for
the account is printed showing days since the last transaction,
transaction amount, interest accrued, interest paid, principal
paid, unpaid interest due, and the current principal balance.
If an account had no transactions, accrued interest is computed,
printed, and added to the unpaid interest total. All accounts
are brought up to date as of the posting date so that you
get an accurate figure for interest accrued during the month
or other accounting period.
Posting also produces a summation of totals for each loan
type of interest accrued, interest paid, principal paid,
current loan balance and unpaid interest.
The journal is erased after posting and made ready for
the next fiscal period’s entries.
TrakLoan also:
Instantly computes a payout amount for any date –
the payment necessary to close the account as of that date.
Tracks overdue accounts and gives you a listing of accounts
with overdue payments.
Prints IRS forms 1098.
Prints mailing labels.
