Margill Loan Manager – How to eliminate an Outstanding amount when the final loan balance is 0.00

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Question: I’m trying to apply a payment in order to elimintat the outstanding balance in a loan. Can you explain how to do it?

Answer: The outstanding amount is somewhat of a theoretical amount in more complex or irregular loans. The amount is based on what is actually paid (“Payment” column in the Payment schedule) versus what was to be paid (“Expected Pmt” column in the Payment schedule).

If the ending balance (at the end of the loan) in the Payment schedule is 0.00, then the outstanding amount is no longer really relevant. If you absolutely want to eliminate this amount, change, for one of more payments, the “Expected Pmt” amount to 0.00.

In the following example, a final payment of 18,450.37 was made. Depending on the order of operations to enter this amount, it is possible that the amount in the Expected Pmt column was modified to 18,450.37 when the expected payment was actually 8793.68.

So simply change the amount of the Expected Pmt to 8793.68 or to 0.00 and the outstanding amount will be eliminated:

The Expected Pmt amount may need to be modified for one or more previous lines if the outstanding amount is too high and the Expected Pmt amounts have been mismanaged in the past.

In order to change an Expected Pmt amount, you must have these rights:

Also note that in System settings > Line Payment Statuses, the Expected Pmt can be set to always be 0.00. This is the case for compensatory payments (which compensate for unpaid or partial payments) or for additional payments not included in the contract:

Margill Loan Manager – Update of Borrower’s data with Global Changes and an Excel sheet

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Margill Loan Manager – Update of Borrower’s data with Global Changes and an Excel sheet

Question: I must make sure that all my loans include a name, address, city, province (or state), postal code (or Zip) and country for the Borrowers in a specific format.  How can I do that in Margill?

Answer: This operation can be done quickly with Global Changes via an Excel sheet.

 Steps:

  • Create a personalized template in Reports > Record List with all the data that needs to be verified and updated, making sure to include the Unique ID for the Borrower in the first column:

2) Create the report for all Records (you can exclude the archived or closed loans – Use Advanced Queries to include the desired loans in order to reduce the size of the report if you have thousands of loans.). Produce the report.

Export data to Excel:

3) Clean up the Excel sheet.

  • Lines 5 and 6 do not have Borrowers. Either add a Borrower or eliminate the lines.
  • Duplicated lines (we can easily see them in column A) can all be eliminated – these people have many loans – we only want Borrowers, not loans.
  • Here is the result after the clean-up including the State and Country that now have 2 standard letters:

In my situation, I only need to update the State/Province, the Country and the Postal Code. I therefore eliminate everything that should not be updated in my Excel sheet while absolutely keeping the Borrower Unique Identifier which is the “key”, allowing me to link my Excel sheet to the correct Borrower.

You would have tens, hundreds or thousands of Borrowers for real:

4) Update the columns one by one via Global Changes for Borrowers:

In the Main Margill window, go to Borrower under File > right click on the mouse > Global Changes:

Click on the Excel icon. The ? gives you additional instructions about the simple Excel sheet required.

Column A is the Borrower Unique Identifier (not the loan) and Column B is the data to be imported or updated. In the first import, we want to change the State/Province and therefore in the right menu, choose “Borrower State, Province”. Then choose the Excel file by clicking on the orange file icon.

Note that for Borrower 10001, no update is required since the data is unchanged (the “Submit” column is therefore not checked).

Click on “Save” and the data will be updated.

Afterwards, we want to update the Country.  In Excel, copy the Country data into column B, save the sheet, then import (I simply deleted the State/Province column but it is wise not to destroy the columns or make a copy of the Excel sheet before deleting data). Do the same for the Postal Code/ZIP and other data as needed, one by one.

Note that the “Automated Imports” (API) would allow you to update all this data in one operation. There is also a Salesorce API available (not covered here):

Is it possible to issue a refund to a customer who overpaid, directly from Margill?

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Q: Is it possible to issue a refund to a customer who overpaid, directly from Margill?

A: Do you mean issuing a credit to the customer directly in Margill like when you do a pre-authorized debit with Perceptech / Acceo / Transphere (in Canada)?

The answer is no with Perceptech / Transphere but with our other electronic payment partner, VoPay, yes it is possible by eTransfer (Interac credit). Credits to borrowers can be up to $25,000.

For the Payment schedule, if the borrower has overpaid, then you can create an Additional principal type Line status – which you would rename to Refund (will only refund principal, but you can also refund interest ) and the amount would be negative to increase the principal (and interest if needed) and the balance.

Don’t forget to add these to your reports and mathematical equations (for reporting) as needed as these become new transactions types.