Multi-Book Accounting Module in Nortridge's Loan Servicing Software
The Nortridge Multiple-Book Accounting module allows loans to report to two or more different sets of books in the General Ledger.
Example #1 A loan has been charged off, or partially charged off on the official ledger, but there is also a need to keep the entire loan on the system and attempt to collect on the full amount.
Example #2 Loans are purchased at a discount or premium. This module will allow the full note balance to be tracked on the master loan, and the actual cost basis can be tracked on the shadow loan.
Features
- Allows user to track and report on separate balances
- Transaction flow-through to shadow loan(s), if desired
- Set parameters that control the interaction with the master loan
- Monies can be distributed via basis recovery, discount method, or daily prorated income method
