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 4.03 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.



Tango32 V4.01 Released

LOANS

Fixes

  • fix string overflow error for direct debits with many conditions
  • Better error handling when Classification5 parameters are entered incorrectly
  • Fix interest calcs for Smoothed Interest Only loans in their first month
  • Fix "out-by-one" error on interest only offset days for non-smoothed IO loans
  • Fix balance error when repairing schedule
  • Fix direct debit variation problem with as at date prior to defer date
  • Fix direct debit variation problem where loan settles on last day of month and nominated date is on last day of short month
  • Fix bug with direct debit variation DD amount after interest rate change
  • Fix schedule generation on drawdowns which reactivate completed accounts
  • When deferring regular DD's, use the deferred amount, not the NEXT amount due
  • Fix inaccuracies in asset register (out by 1 day, including whole month, etc)



Enhancements

  • Add LoanLimitInterestOutstanding, LoanLimitPayoutQuote, SpecialChgFYApplied, SpecialChgFYOutstanding, SpecialChgFYPaid keywords
  • add BSP Direct Debit import file type
  • Improve error reporting when posting batches via XML
  • If a variation is created it will now be flagged to run concurrently with the schedule, so that if there is a payment due on the monthly interest run and a variation is created it stops the payment from being picked up on the month end dd processing.




INVESTMENTS

Fixes

  • Prevent creation of duplicate investment payment when interest is rolled into new investment
  • If account pays out on the TO DATE, and rollvers are dated as at the NEXT day, then balance will no longer include the payout if the Account Summary is run as at the Payout Date.
  • Ensure IP comes after IC on IV Statement



Enhancements

  • Add option to pay investment payouts via direct credit
  • Add "Rollover Interest" to Rollver Request table
  • Improve logic for testing when a completed account actually got paid out
  • Change sequence of clients on IV statements (Main, then others, secondary sort by clientnumber)


Tango32 V 4.00 Released

LOANS

Fixes

  • Fix problem with zero hold back accrual in first month when forcing even hold back accruals and account doesn't start on the first day of the month
  • Fix inaccuracy in "M" (Part Repayment) subledger calculation
  • Fix regular Direct Debit variation on IO loans
  • Fix Direct Debit Variation problem on variations prior to defer date
  • Fix double up of interest in Daily Interest Report for Interest In Advance accounts
  • Improved accuracy of "Change Schedule" function


Enhancements

  • Improve performance of monthly interest run
  • Improve performance when posting large batches of transactions
  • Add ABN (varchar(18)) and ACN (varchar(12)) to import XML
  • Allow Receipt Allocation Report to include non-chargeable accrual subledgers
  • New ability to exclude "DO NO SOLICIT" borrowers when printing bulk statements
  • More control over display of ABN, ACN, Credit License Number on statements.


INVESTMENTS

Fixes

  • Prevent negative entries being written to the investment payments table. This was happening when the rollover wizard paid out ROI accounts and the interest was withdrawn
  • Fix problem with incorrect amount written to payment table when non-roi account pays out using wizard and withdraws all interest and part principal
  • Fix inaccurate payout interest when rolling over an account that has already had interest paid up to the maturity date
  • Fix problem generating direct credits on accounts with Null payment type


Tango32 V3.99 Released

Loans

  • Fixed the misspelt form letter field "Gu7arantor2Address"
  • Fixed bug where expired direct debit variations cancelled direct debits based on the repayment schedule.


Investments

  • Modified "include active accounts" logic Account Summary Report to use the status of the account on the "As At Date" instead of the current date when working out whether an account should appear on the report.
  • Fix "out by one day" error when using the rollover wizard to roll over an investment into a new account when the  SetupInformation / RolloverOnSameDay flag is ticked.
  • Modified "Generate Direct Credits" option to handle Interest Withdrawals generated by the rollover wizard