Q: How can I copy the financial statements for an Entity or Principal that I have already done a loan for previously?

There can be situations where you will have borrowers that you do multiple loans for:

• You may copy an application because you are doing concurrent loans for the borrower in different loan programs; 
• The borrower may be returning to get another loan after a period of time after their initial loan approval so you've copied the old application to update information.

Whichever situation you find yourself in, you know that you have existing financial statements already created in a previous application and would like to copy it into a new or concurrent application. When copying a loan, you may notice that the financial statements are not copied so how would you get the old statements into your new application?

In Ventures, there is an option to copy Prior Loans into any application where you are using the exact same Entity or Contact record. The emphasis is important because company statements are linked by the Entity while personal statements are linked by Principal. The Prior Loans option only appears when you are getting ready to create new statements for the new project you are working in.

1. Click Add to add a new Statement
2. Select the options for Company or Personal Statement and select the Entity or Contact.
3. If there are existing statements tied to this Entity or Contact record, the Prior Loans option will show all of the Log Numbers of the projects that can be copied. (Note: Not all options may have statements to copy.)
   

TIPS & FAQs

1. TIP: When doing concurrent loans, finish the financial analysis and data entry on one project first before using the Prior Loans option. This will reduce the amount of double data entry you will need to do in the other project.
2. Question: I don't see the log number of the project I want to copy?
   1. Verify that you do not have duplicate Entities are Contacts in your database. Go to the Contacts or Companies menu and search for duplicates there.
3. Question: I selected a Log Number from the list but nothing was imported?
   1. You may have selected a Log Number where no statements were needed for that project. Although the Entity was involved in that project, it may not have required that the financial statements needed to be spread.