Expert1 News

News relating to Expert1's Products and Services

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Tango32 Version 3.88 Released


  • New bank transaction import format "PayWay".
  • New fields on Loan form show projected net balance inclusive and exclusive of current months interest.
  • New options on Business code to calculate new repayment amounts after drawdowns and rate variations based on Projected Net Balance Inclusive and Exclusive of current month interest.
  • The Loan Summary Report now has an option to include both ODI and Special charges on the report.
  • Fixed bug in Transaction Audit Report which mistakenly included reversals of special charges in the "Reversals" section instead of the "Special Charges" section.

Tango32 Version 3.87 Released

Sumary of changes:The "Original Term" of a loan is now recorded for historical purposes.New option to add the "Days of Grace" when working out the arrears balance in ODI calculations.New "Discharge Date" and "Discharge Amount" on Loan Securities.Loan LVR calculations now include "Scheduled" LVR which is based on the scheduled (as opposed to current / net) balance of the loan.New logic to allow the calculation for new repayment amounts to be based on the Scheduled (as opposed to current / net) balance when drawing down additional funds from a loan.New function to update the diary reminders when a drawdown affects the repayment amount of a loan.Fixed bug with Loans that move into Inertia which created multiple schedule entries the first time the account moved into inertia.Fixed bug where subledgers that were supposed to be charged in advance were not being charged when a loan activated.New option in Setup / Parameters which forces recreation of "chg" entries from Special Charges when repairing accounts.Fixed bug which incorrectly allocated payments against special charges when the account was past its maturity date.Tightened data validation to ensure an interest rate change date does not occur prior to a "Defer Interest Until" date for deferred interest accounts.

Version 3.86 Released


  • New facility to exclude special charges when generating direct debits.  To enable this, go into Setup / Business Codes, and tick the box "Direct Debits Exclude Special Charges".  If this option is set at the business code level, it can be disabled for individual loans on the repayment schedule screen by ticking the box "Direct Debits include special charges".
  • New facility to exclude Residual Values from inertia processing.  To enable this, go into Setup / Business Codes and tick the box "Exclude RV from Inertia".  You can also set an option which will only let Payout Transactions be allocated against the Residual Value in the repayment schedule.  Normal payments will then not be allocated to the RV.  To enable this option tick the box "Only allocate Payouts to RV".
  • New facility in subledgers to charge a subledger in advance.  To enable this, go into Setup / Subledgers and tick the box "Charge In ADvance".  When ticked, any monthly subledgers will be charged when a loan activates, and then on the day following an end of month interest run.
  • There is now a new report format "11" for the Delinquency System.
  • Drawdowns - fixed bug which reactivated loans incorrectly when a drawdown was posted to the account.
  • ODI - fixed bug which calculated incorrect ODI amount when the system was set to calculate arrears from the day after the due date.
  • Arrears Calculations - fixed bug which incorrectly included fee payments in advance twice when the account was paid in advance.
  • Current / Non-Current Report - fixed bug which showed incorrect calculations when the net balance exceeded the gross balance.
  • Principal and Interest Report - fixed bug which showed incorrect balances for an account with drawdowns.
  • New fields "Risk Grade" and "Risk Rating" are now available on the Clients form.
  • A new optional request / complaint handling module is available which links into the Diary Information on a loan.
  • Introducer Analysis Report - when subtotalling by Classification, now shows Classification Description instead of Classification ID.
  • Insurance Premium Renewal Report now shows individual loan securities rather than one entry per loan.  It also shows Title Reference instead of Security Description.
  • Variable Rate Loans have a new repayment calculation method.  When the interest rate changes, the new repayment can optionally be calculated based on the Scheduled (instead of Actual) net balance.
  • Hybrid and Interest Only Loans now show the interest only expiry date.  This date can be used as the selection criteria for creating bulk form letters.
  • Customer Statements now have a new option to only consolidate payments and special charge payments generated from the same transaction - which effectively hides the splitting of repayments against special charges on the statement.
  • Special Charges - Fixed bug when allocating "Current Month" due amounts before fee balances.  Previosuly if the account was due on the first day of the month, the system would mistakenly allocate Next Month as well.
  • Interest Calculations for Anniversary Day Accounts.  Fixed calculation error on anniversary day accounts when the due date in the month occurred on a day that didn't exist in the previous month (e.g. calculating interest on 30 March when interest last month was calculated on 27 Feb).
  • Loan Securities now show a "Scheduled LVR" as well as "Original" and "Current".

Investments / Other Accounts

  • New option in Transaction Types to specify whether a particular transaction includes GST for use on RCT Invoices.

Version 3.85 released (26 Oct 2010)

The security log will now be updated if someone changes the "Hold Processing" status of a loan.
Fixed a bug which caused monthly fees to be charged on accounts that had a settlement date after the date of the interest run.
New import format for CBA "Direct Entry Dishonnor" (MA23) format files.
Improved the narrative on interest payments to linked mortgagees.When entering a loan via the wizard, if you switch from an Interest-Only to a non-Interest-Only business code, the system will ask if you want to zero out the "Residual / Balloon" field.  Previously this field was left untouched which sometimes caused data entry errors when users didn't realize that a value was still in that field.

    Version 3.84 Released (19 Oct 2010)

  • Loans - Interest In Advance
  • If a business code is configured to have "Interest In Advance" loans, the interest cycle logic has been changed so that the cycle starts on the due date for the current repayment, and ends on the day prior to the due date for the next repayment.Fixed inaccuracies when interest in advance was charged on a common day.

  • Loans - Variable Rate
  • There are new form letter fields to record the details of the most recent interest rate change, to assist in creating correspondence about interest rate changes:

    • RateChangeDateEntered - The date the rate change was entered into the system
    • RateChangeOldRepayment - The repayment amount before the new rate was applied
    • RateChangeOldRate - The interest rate before the new rate was applied.
    • RateChangeNewRateDate - The date the new rate applies from.
    • RateChangeNewRate - The new interest rate
    • RateChangeNewRepayment - The repayment amount after the new rate is applied.
    • RateChangeNewRepaymentDate - - The date the next repayment amount is due

    When varying the rate on a loan there is a new option on the business code to specify the number of days that must transpire after the rate change before repayment amounts due should be adjusted. There is now a facility to print form letters for a group of loans based on the date that their interest rate was changed.

  • Loans - Projected Balance
  • The "Balance" tab of the loans form now also shows the "Projected Balance" of the loan which is the balance it would have if loan repayments were made as contracted. Fixed infinite loop when projecting the net balance on interest in arrears loans that were charged interest on the anniversary day instead of the last day of the month. * Loans - Principal and Interest Report This report has been enhaced to include drawdowns.

  • Loans - Extending Direct Debits
  • Business codes have an option to "Continue direct debits on maturiing loans when they are in arrears". This option has been fixed to use a more reliable repayment amount and frequency for the continuation.  Previously an incorrect repayment amount would be used in some situations.

  • Loan Summary Report
  • Fixed bug which doubled up outstanding fees on loan summary report when the system was configured to treat special charges and ODI like debits.

  • Manual interest
  • When manual interest is posted to an "Interest In Advance" account, this will no longer affect any subsequent interest calculations provided the manual interest transaction is prior to the next due date.

  • Investments
  • Fixed bug which incorrectly added one day to the start date of an investment when it was rolled into a new investment at maturity. Improved consistency of transaction Narratives when rolling over an investment. New facility to calculate commissions on investments based on an interest rate margin.

  • Linked Mortgages
  • Any ODI charged on a linked mortgage can now be included in payments made to investors. New facility to specify that funds are on a linked mortgage "cleared" when entered into the system to prevent the subsequent "clearing days" delay that normally applies before investors are paid.

  • Joint Account Indicators
  • Fixed bug in the Experian "Joint Account Indicator" which incorrectly marked both borrowers as the "first borrower" in some cases.  Added a new GetJointAccountIndicator() function to more reliably retrieve the indicator value.

  • Overdue Interest
  • Fix overstating of ODI when a dishonor is entered on the first day of the month and arrears is set to calculate from the day after the due date, when ODI is calculated using daily arrears balance.