Expert1 News

News relating to Expert1's Products and Services

For more information on our Loan Origination and Management products visit our Product Page.

For updates and product downloads visit our Support Files Page.

Tango32 Version 4.07 Released

LOANS

Fixes

  • Fixed: When posting repayments, system was not ignoring cancelled subledgers related to payments.
  • Fixed Loan Activity Report - "User1" format had "Invalid Column" in "Group By" clause.
  • Fixed Principal & Interest Report which showed incorrect interest date for daily compouding loans
  • Fixed "Loan / Transaction Entry" to automaticalyl update list of batches after entering a new batch of transactions.
  • Fixed error when trying to delete a client with no related loans: "Either BOF or EOF is True, or the current record has been deleted?"


Enhancements

  • New method for importing repayments from PaymentHub
  • Improved layout of Transaction Batch Report
  • New ability to specify the number of BPAY check digits for Westpac "Recall" BPAY import format for direct debits.

Tango32 Version 4.06 Released

LOANS

Fixes

  • Fix invalid repayment calculation method & inaccurate repayment calculations when processing drawdowns on Line-Of-Credit loans.
  • Fix incorrect "Joint Account Indicator" for Referee contacts.
  • Fix auto-increment on "Lot Numbers" when a loan has more than 10 securities.
  • Fix error in API which posted to incorrect GL accounts when debit transactions with charge codes were added via the API.
  • Fix incorrect security settings when an item is secured based on the "General Purpose 1" setting of the loan.


Enhancements

  • New "Export Log" tracks direct debit exports to help keep a record of which direct debit batches have been exported and processed, and to prevent duplicate exports.
  • Held Transaction Batches now show "Date Exported" in the list of batches.
  • New flexible "Arrears Buckets" allow finer control of the periods used for reporting arrears profiles on the arrears details screen.
  • New "Middle Name" field for clients.
  • New option for important diary reminders to display on a pop-up screen whenever a loan is opened.
  • New option to adjust arrears balance when it exceeds the net balance of the loan due to unusual interest charges or fees.
  • New "Funding Invitations" system to allow fund-raising for specific loans by inviting clients to invest.  Loans that are part of the invitation process now have a new status of "Invitation" until they are fully funded.
  • New option to make Business Codes available as part of the fund-raising process to send out invitations to invest.
  • New option on Interest-Only Business Codes with smoothed monthly repayments to either smooth or pro-rata the first interest-only payment based on the number of days between settlement and first payment date.
  • Add "60 day arrears amount" to form letters.
  • Add "ClientType" to API when adding new clients via the API.
  • New import / export interface with PaymentHub online payment processing system.
  • New export interface with Payway online payment processing system.
  • New import formats for "EZDebit" payment processing system.
  • New facility to automatically charge weekly / fortnightly / monthly account keeping fees via a scheduled SQL Job.



INVESTMENTS

Fixes

NONE

Enhancements

  • New "Suggested Funding Invitation Amount" for investors to be used when sending funding invitations to potential investors.
  • New "Classification 6" flexible field with lookup values for Investment Accounts.
  • New option to allow selection of Form Letter Recipients based on Series and Issue numbers.



GENERAL

Fixes

NONE

Enhancements

  • New interface to Amazon Web Services to allow secure Cloud-based backups of Tango databases, with a tracking system to monitor all backups currently in cloud storage.
  • New "Protected Schemas" facility allows you to name certain private schemas which will not be touched during Tango upgrades.  Any schemas not "Protected" will have its ownership changed to "dbo".


Tango32 Version 4.05 Released

NOTE - This version includes updates from version 4.04 which was not publicly released.

Version 4.05 18 March 2014

LOANS

Fixes

  • If an account settles on the last day of the month and direct debits are deferred, the date of the next direct debit was incorrectly moving to the last day of the month of the deferment.
  • In some situations Regular & Variation Direct Debits were being selected even if the due date was outside the specified date range.
  • Data was imported incorrectly from PeopleHub transaction files.
  • Incorrect entries dated prior to the settlement date were being added to the interest rate schedule.
  • Some accounts were not correctly being selected as having variation direct debits.
  • Accounts were showing an incorrect interest bearing balance when the account balance reduced below zero.
  • Improve accuracy of Net Balance Projection when repayments have charges on them.
  • Fixed incorrect GL Accounts on Journals when refinancing a loan.
  • Fixed Receipt Allocation Report to exclude only include fees that are specifically flagged to appear on the report.
  • Top Introducer Report now shows Classification Description instead of ID.
  • Fix missing "Security" and "Insurance" tabs on Loans form.

Enhancements

  • Cash flow Report now includes Direct Debit transactions
  • Improve speed / performance of Direct Debit processing.
  • New flag to specify that a Variation Direct Debit "has precedence".  If set, the variation will cancel any other transactions due while it is active.
  • Loan Wizard now lets you enter a desired repayment amount, in which case it will calculate the desired term.
  • Loan Wizard will adjust the final payment on loans where term varies according to repayment
  • The Principal and Interest Report will no longer force the net balance to zero when projecting balances for one account.  This makes it easier to see if the current repayment schedule will under-pay or over-pay the balance.
  • Loan transactions now record "Posted by user" and "Date Posted".
  • New facility to add 3-letter initials to deli employees which allows deli reports to generate entries in a task list for collection staff.
  • New facility for In-Full subledgers to be processed when they are added to active loans.
  • New Minimum and Maximum Value options for subledgers.
  • New ability to change the text prompt for "Postcode" when entering address information.
  • New ability to import / export direct debit and payment information via the PaymentHub web service.
  • Transaction Batch Report now shows current repayment frequency for any repayment-type transactions.
  • Display an informational message if the loan is paid by debits to a creditor account
  • Add GeneralPurpose 2, 3, 4, 5, 6 and Location & 2 to XML Import Interface 
  • The consolidated direct debit summary now allows  display of direct debit info for periods longer than a year
  • New "Pmt / Dishonor" button on the "Repayments" tab of the loan form shows a simple summary of repayments and dishonors
  • New
    "Consolidated DD Summary" button the "Repayments" tab of the loan form
    allows you to show consolidated direct debits for a loan.
  • New facilty to import dishonor information from "Peoplehub" system.
  • Added extra logging to show when the interest rate schedule is changed


INVESTMENTS

Enhancements

  • All IV transactions now have a "Paid By Transaction ID" which links them to the transaction which paid them.
  • New form letter keywords: BonusRateAddition, IssuePlusBonusRate, InterestFrequencyDescription
  • Payout Quote now shows interest accrued to last interest run date rather than to the payout date.


GENERAL

Enhancements

  • The daily "User Default Job" now allows "Schedule Fees" to be charged to accounts.
  • New API function to allow selection of "Correspondence Only" borrowers for reports.




Tango32 Version 4.03 Released

LOANS

Fixes

  • Fixed intermittent error when importing loan transctions which cancelled the import when an error message was too long.
  • Fix bug which generated an incorrect regular direct debit amount after a loan had an interest rate change.
  • Fix precedence of global / business code settings for special charges when repairing schedule
  • Fix bug with ODI Calcs based on daily net balance when Interest is monthly nominal
  • Fix Receipt Alocation Report to handle From / To Dates which span more than one month
  • Fix out by one day error when calculating "Written Down Value" on assets
  • Modified "Principal and Interest Report" to correctly handly loans with interest free expiry dates


Enhancements

  • Loan Form:

New Transaction Summary Tab
New Credit Limit balances
Major performance improvamenents - form loads quicker.
Some data on the loan form is now calculated asynchronously, which prevents delays when displaying the form.

  • New facility to set up a direct debit which pays a loan by debiting an Investment / Creditor account
  • Added the ability to edit the "Security Types" system table via Setup / System Tables / Other System Tables / Security Types
  • New option to control whether or not a sublesdger is charged, based on the net balance of an account.
  • New ability to insert multiple related clients when importing from XML
  • New option on "Responsibilities" to specify that a contact should not receive any Correspondence
  • New ability to search for loans by: Responsibility, email, phone numbers
  • New ability to select which General Purpose field to search by.  Previously you could only search by "General Purpose 8".
  • The loans form now also shows Historical Arrears. This shows the arrears or advance position of the account for every month end since the account settled.
  • Limits and Drawdowns are now displayed on the Balance tab as well as Security tab
  • It's now possible to select "Redraw transactions" on Transaction audit report
  • New ability for special charges to generate credior transactions, and supply Creditor ID when posting transactions
  • Add phone number 5 to Client XML Import  
  • New option to export direct debit transactions in "PeopleHub" format


  • The Balance tab on the Loan form now shows

Total Payout figure
Net Balance + Outstanding ODI and Charges
Interest free balance when "interest free periods on drawdowns" is enabled


  • Setup/ Parameters

Configurable prompts for client phone numbers 1 to 4.
Option to enable interest free periods on drawdowns
Option to optionally prevent Lione of Credit accounts from being paid in advance
Configurable prompts for customer statement formats

  • Ability to specify Dr / Cr transactiion types on Subledgers, which controls the type of transactions generated in the Creditor system.


  • Business Codes:

Option to hide gross interest when displaying details of a loan.
Option to waive monthly interest lest than an specific amount.
Option to specify a global statement footer
Option to specify if Anniversary Day is based on Settlement or Instalment Date.
Option to create related investment account when creating new Loan.
Option to create a related sub account when creating a new loan account.
Option to add mandatory footer to Statements via business code
Option to allow an interest free period on debits applied to a loan.
Ability to charge interest every X days (instead of every X months)


  • New repayment calculation method for "Line of Credit" loans:

N/NULL = % of Net Balance
L      = % of Loan Limit
K      = % of Loan Credit Limit
C      = % of Client Credit Limit


  • New option on "Transction SubTypes" to specify months (as well as days) for period from drawdown to first repayment
  • New "Base Rate" for investments linked to loans.



INVESTMENTS

Fixes

  • Fix bug which created duplicate investor statements in some cases.



Enhancements

  • Ability to specify if an investment account can be used for management fees
  • Option to specify if an investment account can be used as a Funder.
  • Option to create a duplicate account when creating new investment via the wizard

Tango32 Version 4.02 Released

LOANS

Fixes

  • Fixed bug in drawdown module which created incorrect entries in the repayment schedule when the drawdown was supposed to extend the term of an existing loan.
  • Fix problem when variation is due on last day of 31 day month and loan settles on last day of 30 day month.  This was causing incorrect dates in the variation schedule.
  • Fix spelling error in Payway Credit Card export.
  • Fix "out by one day" error on smoothed interest in advance loans in their final month.  Previously the system was ignoring final (non-rv) interest amount and charging zero interest.
  • Fix inaccuracy with "C" type ODI not taking into account unaccrued interest.
  • Fix "Paid in full" report bug with wrong Unearned Income (UEI) figure showing when account had no UEI.
  • Fixed regular direct debit variation amount due on accounts where the nominated direct debit date was several days after the anniversary day, but before the last day of the month.
  • Fixed bug which didn't charge fee for chargeable form letters when the letter was open for editing, and the system unsuccessfully tried to delete it.


Enhancements

  • The summary on the Direct Debit Variation form now includes details of future direct debit variations.
  • New columns for Loan Templates: "Div 1 is number of Payments" and "Sub 2 is Multiplied bu Sub 1".
  • New option on Business Codes to hide the interest rate when printing statements.
  • Updated Customer Statement Form Security to include new controls.


INVESTMENTS

Fixes

  • Improved the Payout Quote and Rollover / Redemption Wizard to more accurately predict payout, interest and rollover amounts for accounts with & without ROI sub-accounts regardless of whether the new account started on the same or subsequent day as the payout.
  • Fixed Direct Credit Report which showed multiple lines for the same direct credit if an investment had multiple investors with multiple bank accounts.
  • Modified Investor Statement to exclude any interest payments / credit transactions where small amounts were rounded down to zero.
  • Fixed interest adjustment calculations on payouts to take into account the "High / Low" interest rates applicable on the account at the time.
  • Fixed formatting issue on "Opening Balance" in Investor Statements.


Enhancements

  • New option on Investment Business Codes to allow the generation of negative interest on accounts with negative balances.  This effectively allows a deposit to go into overdraft and be charged interest on the outstanding balance. 
  • When an investment is rolled over on a day for which interest has already been paid, this may generate an interest adjustment depending on the rollover settings.  If it does, this adjustment will affect the total value of any direct credits generated for interest payments on that account.