LC loan is an important issue for maximum companies and it is one of the highest requirement from any companies for managing the Loans under LC. From the import invoice as explained before, LC loan can be created. There are various types of loan such as LTR, Time Loan, LIM etc. which PrismERP can handle easily. For every loan, a new credit account will be created in the system. All the loan transaction will happen with this account. Loan module can also operate interest as well as bank charges.
The above screenshots gives the appearing window of adding an LC Loan (Import LC--> Loan--> Add Loan)
Loan Number: Assigning a number for a particular loan so that you can track
Name: Name of the Loan
Amount: Amount of Loan
Bank: Name of the Bank from where Loan is taken
Interest Type: Interest type defines how will the money be deducted whether from balance or by some other ways
Interest: Percentage amount of interest from the Loan
Processing Fee: Amount of money or fee taken for processing the Loan ( It can be from a company generating the loan from the system)
Issue Date: Date of Loan Issued
Repayment Start Date: Date of Loan Payment Starting
Terms: Term explains whether loan is long term or short term
Type: explains the type of loan as above explained in the beginning (all the type of Loans that PrismERP can handle from the system)
Frequency: Explains the type of installment whether yearly, quarterly, monthly etc.
Tenure: Within the Number of installment you will be paying the loan amount
Finally the Account information where the debit and credit account need to be fullfilled, name of the account and account code etc. all the other details