April 26th, 2023
Credit Memo Personal Discretionary Income (PDI) Updates
Thank you for your patience as VLT corrects issues, and updates what gets merged to rows, when generating the credit memo from Ventures. You can review the mapping of rows from PFS to the Credit Memo PDI section in KB article Credit Memo Personal Discretionary Income (PDI) section mapping to PFS. The following changes have been made:
- INCOME SECTION
- The “Other (see Comments)” income amount is the summation of row types “IRA, Pensions & Annuities” + “Social Security Benefits” + “Installment Sale Income (ongoing)” + “Income - Non Related Entities” + “Other Income” + Any additional “Income” group type rows added in PFS with our custom F/S feature. Previously, this row included an offset of the Rental Income but it now has been removed.
- Total Income will now equal Total Income + [Rental Income + Int + Dep] in the PFS. Previously, this total equaled the Total Income amount in PFS.
- EXPENSE SECTION
- The “Debt - Other existing obligations” expense amount is the summation of “Debt Service” Group Type rows, except “Personal Debt: Residence” row and “Proposed New Debt” row types.
- The “Other (see Comments)” expense amount is the summation of “Expense” Group Type rows, except Living Expenses Row Type.
Credit Memo Project Involving Equipment/Other Personal Property section - Items showing as erroneously Used has been fixed
For “Other” collateral category types, the “Items are: New Used” row in the credit memo will merge blank. Previously, it was incorrectly merging a Used option. Collateral category types are set up by your Site Administrator, so if you have any questions about which collateral types have been assigned “Other” category types please reach out to your Site Administrator.
Custom Financial Statements
Your Site Admins can customize Company Financial Statements Balance Sheet and Income Statement rows, and customize Personal Statement’s Personal Finances and Personal Cash Flow rows. We have also added some exciting analysis features, like Trend Analysis percentages and EBIT/EBITDA calculations, to name a few. Please visit our Custom Financial Statement Hub Page to find a complete overview of what’s new!
Reminder and Warning: ETRAN Government Affiliated Debt
When creating or updating an ETRAN application through Ventures, you will now see a new warning message reminding you to compare the CAFS affiliated government debt table to what you have entered and submitted in Ventures.
Etran Loan Authorization 504 Lenders
Did you know you can generate the Etran Loan Authorization directly from Ventures? View the KB article and video labeled Generating the Etran SBA 504 Authorization from Ventures to learn more! Questions? Use the Contact Support widget located on the upper right portion of Ventures.
Functionality added: If you are submitting an application with a Collateral Sub Type of Personal Property from Ventures, your ETRAN generated Authorization will now include the following verbiage “Acquired with loan proceeds...”
New System Reports added
- This report will show the disbursements made and reversed to payment accounts within a user defined date range. The beginning and ending principal balances refer to before and after the Disbursement transaction type was posted.
Payments: Disbursements (Owner/Participant)
- Ownership/Participant module needed - This report will show the disbursements made and reversed to payment accounts, separated out by owner/participants/pools/funds, within a user defined date range. The beginning and ending principal balances refer to before and after the Disbursement transaction type was posted.
Payments: Cash Receipts (Owner/Participant)
- Ownership/Participant module needed - This report shows the cash that was received from borrowers, broken down by assigned owner/participant/pool/fund within a user defined date range. Payments, payment reversals, and principal only payments are transactions included in this report.
New Ownership-related Report fields added
If you have the Owner/Investor module in Payments+, new report categories have been added to the Reports area. Payment Owner Account fields will provide high-level information about the owner/participant related portion of a loan record like current interest rate, current servicing fee, current principal balance, etc. Payment Owner Transaction fields will provide transaction related data on the owner/participant portion like transaction type posted, amount, P& I breakdown, etc.