FEBRUARY 14TH, 2024
ANNOUNCEMENTS

 

VENTURES

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SBA Lenders - Send Service and Packaging Fees <=$2,500 to ETRAN

SOP 50 10 7.1 allows Lenders to charge a flat fee as much as $2,500 and report it through ETRAN without requiring a SBA Form 159. Lenders enter that information in the "Referral Fees for Services Rendered" section of a Referral Source for a Partner Contact record. Now, Ventures will send fee information totaling $2,500 or less to ETRAN even when the "159 Agreement Required" checkbox is unchecked. We have a KB article covering this update, please click here to view it.
 

 

SBA Lenders - Certification for ITIN tax ID type is now automatically being sent to ETRAN

If you select ITIN as the Tax ID type for an Entity or Entity Contact in your project, you are now also certifying that the ITIN you entered is valid when submitting to ETRAN (SBA Equivalent Field: Lender Certifies ITIN is Valid). This was added due to Lenders not being able to certify in CAFS after the information was sent from Ventures, and being forced to delete out the Entity or Entity Contact in CAFS and manually adding all the information back in to get the application submitted. We added examples from the SBA that show ways you can certify whether it is valid or not in the Tax ID Type help text section.

 

504 Lenders - Title Amount field added for T&C verbiage

The “Title Amount” field has been added in a 504 category record > Collateral menu > Real Estate Collateral Type Record > Real Estate Tab > Security Survey Questions section WHEN "Evidence based upon" field has “Mortgagee’s Title Policy insuring lender and assigns” selected. This field represents the title insurance amount. Previously, this field was only available when a lender had "ALTA Loan Policy, insuring lender and assigns" selected in the "Evidence based upon" field.

 

 

504 Lenders - Other Closing Costs added to the Debenture Pricing section in SLPC CM

CAFS displays Closing Costs and Other Closing Costs as separate line items. Ventures used to combine both of those values into a Closing Costs line item in our Ventures SLPC Credit Memo. Now, we split those two items into their own separate rows to match CAFS.

 

 

 

7(a) Lenders - 1919 Mapping Guide available

We have attached a mapping guide to the release notes so you can see what field in Ventures is being merged to the new SBA 1919 form. You can also read more information about the updated form in our KB article Form 1919 Update.

 

FlashSpread - 1125-A Form Added!

We added support for the 1125-A tax form which is associated with 1120, 1120S, and 1065 tax returns. It will break out the Cost of Goods Sold (COGS) line items into their own rows instead of combining them into the Purchases row of the Income Statement. See the attached .pdf for how the 1125-A maps to Ventures. 

In order to take advantage of this new capability, we added rows for each COGS line item to the Default Company Template. If your company uses a custom financial statement template, you'll need to add all the necessary rows to your template. Please click here for instructions on how to add lines or rows to your template.

 

If ANY of the following rows do NOT exist in your financial template, Ventures will revert back to mapping the COGS line from the 1120 (Line 2), 1120S (Line 2), and 1065 (Line 2) to Purchases.

• Purchases
• Cost of Labor
• Additional Section 263A Costs
• Other Costs
• Inventory Changes

FlashSpread - Standardized More Tax Form Line Items

We added support for additional tax form line items to the Default Company Template. If your company uses a custom financial statement template, you'll need to add these rows to your template for them to populate. Please click here for instructions on how to add lines or rows to your template.
 

Cost of Goods Sold Line Items

• Materials and Supplies

• Additional Section 263A Costs

 

Operating Expense / Selling, General, and Administrative Line Items

• Pension and Profit Sharing

• Contract Labor

• Charitable Contribution

FlashSpread - Fewer Errors to Resolve!

For FlashSpread v2 users, we no longer require you to resolve issues on tax schedules that have no effect on Ventures financial statements. This means you can process tax returns even faster!

Here are examples of a few of the forms that you no longer need to resolve errors on before importing tax periods:
 

• Business tax return schedules/forms that are part of a 1065, 1120, 1120S, or Schedule C.

  • Schedule M-1

  • Schedule M-2

  • Schedule K

  • Schedule K-1

  • Form 8825
     

• Personal tax return schedules that are part of a 1040.

  • Schedule A

  • Schedule B

  • Schedule D

  • Schedule F

 

 

 

PAYMENTS

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SBA 1502 report now supports 0% investor servicing fee

Lenders can now record a 0% servicing fee on the Associated Transaction "Sale-Guarantee" record when a 7(a) loan is sold on the secondary market. Previously, the SBA 1502 report generated from Ventures supported % servicing fees greater than 0 and ignored sale records with 0% or null percentage values. For a refresher on how to record a sale on the secondary market, please review KB Article 7A Community Advantage Loan Sale.