Aceway Software

            



Moneyman Loan Recalculator
This is an explanation of how the Moneyman Loan Recalculator works. See the FAQ below for more details.

You supply the transactions as a text file in CSV format - see below.
Initially, you send it to us via email we fix any issues and load the file into a database.
These are loaded and then the whole loan is recalculated with compounding interest.
The end result is a full transaction list showing compounded interest and the final balance is what is owed today.
We send you a complete transaction list with compounded interest by email.

It uses the more advanced Moneyman processes in the background.

The following transaction types are imported.

Transaction Types Explanation
Loan Advance Money advanced/provided to a client. This is money owing to the lender by the borrower.
Change Interest Rate An interest rate change on the loan.
Loan Repayment Money repaid by a client. This is money that reduces the loan and by the borrower to the lender.

Moneyman Loan Recalculator
Moneyman Loan Recalculator keeps track of transactions and applies compounding interest.
Regardless of import sequence, transactions are sorted by date first. The interest compounding frequency defaults to monthly and may be other terms.
You can raise the transactions in various ways outside of Moneyman.
Loan Transactions can be uploaded
Here is the format of a CSV file that can be uploaded.
Acct-No,Tran-Code,Date,Value,Description (This is the 1st line of the file and it must contain headings.)
You can create the file in a spreadsheet and then save as CSV.
The spreadsheet would look like this.
Acct-No Tran-Code Date Value Description
1 LA 20140731 $1234.00 Loan Advance
1 CIR 20140731 6.75 Change Interest Rate
1 LP 20140831 $123.00 Loan Repayment
Acct-No (Account Number) is always 1 in the free version.
Tran-Code (Transaction Code) may be LA, CIR or LP.
Date is the transaction date. The date format can be ccyymmdd, ddmmccyy, mmddccyy. Slashes can be added and these are ignored.
Value has two meanings.
For LA and LP, it is a dollar amount with up to two decimal places. Commas are not allowed in the Value in the CSV format unless they are enclosed in quotes. Dollar Sign "$" can be added and these are ignored.
Negative amounts are not required as LA is applied as positive and LP is applied as negative. However, amounts can be reversed with either a leading or trailing "-" minus sign. Reversing sign is NOT recommended.
For CIR, the Value is the interest rate with the maximum Value being 999.99. If a loan closes or matures, be sure to include a CIR to change the rate to zero on the closure date.
Description can be any text up to 40 characters. If left blank, our defaults will apply.

FAQ - Frequently Asked Questions - anticipated
Is there another product that does this?
Please advise if you find one. Our search indicates that there is no equilvalent product. There are lots of Loan Amortization schedules and Mortgage Calculators but these are based on projections rather than actual historical transactions.
What is the cost?
A free service is available for one loan and connected to one email address and for one upload file. This enables testing to see the Balance Owing as at the current date when transactions are applied. A full transaction list is supplied by email. This is a like a Statement for the life of the loan. It includes limited email assistance and editing of the file to obtain a result.

For an establishment fee of AUD$150, an online logon can be established where one can continue to upload transaction files and do self-service for one loan. It includes email based training and assistance.

For a fee of AUD$55/year, and after the first year, ongoing online access is provided.

Adding more loans can be done and your requirements need to be discussed to determine cost.
What is the payment method?
To cater for multi-countries and currencies then Paypal seems best. You can be sent a Paypal Invoice by email. Other methods of payment can be provided. At this stage, we prefer not to ask for your banking details nor automatically withdraw from your account.
Can I exit at any time?
Yes. At this stage, you just need to not pay a recurring invoice. An email to say "Please cancel my Loan Recalculator account" and to give a reason would be most appreciated.
Who is a typical user?
This product idea was initiated to keep track of family loans. Either the lender or the borrower can use it.
Who is an advanced user?
It could be used by a corporate/business user. It can be customized for more extensive use. If many loans are involved it can be a method for loading transactions for each account and then switching to standard Moneyman with day-by-day processing. The database can be used as a start for an on-premise solution.

I am an advanced or corporate user, what are my options?
You may want to include compounding interest in the upload file. We can customize the upload to accept already coumpounded interest. You may have more transactions types and multiple loans with different terms. Please discuss your requirements by contacting us.

Can the Transaction Types be expanded?
Yes. This is Version 1 and expansion is subject to user demand. For example, their can be Fees (Bank Fees). Version 1 allows for Loan Fees as "LA" Loan Advance and the description can be say "Bank Fee".

Can this product be expanded?
Yes. The Moneyman Loan Recalculator can keep track of multiple loans, for multiple borrowers/clients, for multiple terms, for multiple transaction types, but the free service is only available for one loan and connected to one email address. The transactions go into a standard Moneyman database which means the data can be extended into a more advanced solution.

Please contact us for more details.
What is my initial step to explore this?
Please click "Contact Us" and supply summary details. Identify that you are inquiring about Moneyman Loan Recalculator. We will reply and perhaps ask for more details.

What is the Disclaimer?
The provided file for a transaction upload needs to have correct data such as dates, transaction amounts and interest rate changes. Therefore the free service or ongoing support may end if there are too many queries and iterations due to incorrect initial data.
What about Refunds?
In the event that money is paid, a refund less administrative costs is possible within 30 days. Otherwise money paid is not refundable.