What's New in the Real-time Release Process? Rental/ lease repayments

The latest update in the Agrolending Real-time Balances project sees the introduction of cash payments for Rental/ Lease type loans into the fold.

Specific rules that apply to Rental/ Lease loans surrounding Services Tax/ GST being deducted from the repayment amount are now being applied in real time to loans where the Record Type is Rental/Lease. In the example below users are able to see that the Total Repaid amount on this repayment is the pre Tax amount, as the GST is automatically removed:

In this example, the payment amount received was $100 (green), however you can see from the yellow transactions that the amount repaid is $90.91, as this is a cash payment the requirements are for it to firstly apply to interest. This bank statement was reconciled and the payment was processed in a matter of seconds, the repayment had changed to paid, the Tax (GST) removed from the repayment amount and the loan and facility balances were all updated.

Users are able to check if their repayment has processed in real time by accessing the Bank Reconciliation and reviewing the System Process Message which shows that the action has been completed with the date and time:

In addition to the introduction of this repayment type into the real-time project, the system can also handle, in real-time, edits to the Bank Reconciliation (for example, adding an effective date) or the deletion of reconciliations.

For information on how funds are applied to various repayment types please see the guide on How to Choose the Right Repayment

Feedback

As we continue to introduce new features, customer communication and feedback is paramount. If you experience any difficulties with any of the real-time repayments processes outlined above or in previous correspondence, if you receive an error that you should not be experiencing, or if it simply doesn’t function as it should per the description in the release notes, we request customers to raise a support ticket immediately. It is only with actual real-time use of the system that we are going to be able to iron out any of the creases. Please rest assured that we have also enabled additional background monitoring to catch issues as they may arise.

As always, if you are new to our real-time roll out program, we recommend you view the Product Updates page on the website and review all the exciting improvements that have been released previously, or click here to be directed there immediately. 

We look forward to your feedback, and will be moving forward with continued releases over the coming weeks/ months.