Recommended Process for Manual Conversions of Loans
If a customer comes in to renew a loan that is still in the old system we recommend:- Redeem the loan in the old system.
- Write a new loan in Bravo for the principal amount.
- Physically move the cash from the Bravo till to the actual old system till.
Recommended Process for manually converting loans from the old system
When manually converting loans, we recommend:
Create a dedicated “fake” global till so that you don't affect the balance of regular real till(s).
- Go to "System Configuration" from the Bravo Dashboard.
- Select the tab that says "Transaction"
- Select the tab that says "Till"
- Click "Edit" and then Click "Add Till"
- Have users convert loans during down time, or early in the morning and after hours.
- Print out a list of loans to be converted with the description, loan number, loan amount and maturity date.
- Have a dedicated workstation or laptop setup and/or make sure users only connect to this global till when converting. (A dedicated workstation makes it easier to remember to connect only to the fake till.)
- Open the till with a zero balance.
- We recommend pulling the items from the back AS they are being converted to make sure that they are correctly described and a new label is applied.
- Write loans in Bravo like you would normally, except make sure to click Edit on the line item and choose the Back Date button on the loan detail dialog. Where prompted, enter the maturity date for the loan. The maturity date will reverse compute the start date. If any interest payments or loan extensions have been made on the loan, the computed start date will not match the original state date.
NOTE: If using a Regulation set that has an interest period set to "Months Always" you will get an incorrect date when using the Back Date Function. "Months Always" is not supported with the Back Dating function. If you need to use Months Always in your regulations, please contact customer support for assistance.
Select backdate option:
- Loans converted should be marked on the printed-out list and in the old system somehow so they are not accidentally renewed or redeemed in the old system. We recommend redeeming the items for a zero amount in the old system for accounting purposes. If that is not possible or not desirable, then we recommend working with your accountant on a method to note that the balance has been transferred to Bravo.
- When done converting for the day, close the conversion till – if there were no mistakes, the till balance should be short the principal amount of all the loans written (converted) on the list
- When completely done with all manual loan conversions, contact the Bravo team so that the maturity date prompt can be turned off
Adjusting interest paid - Manual conversion of loans.
In order to take in an outstanding balance (adjustment) on a converted loan, we recommend using with the System Conversion tender type.
This tender type is enabled under "System Configuration", "Transaction", "Tenders":
When attempting to negate the interest on these converted loans, take that part of the payment via "Sysetm Conversion" it helps to keep track of interest that has been paid but not collected in Bravo.
You can select "System Conversion" from the "Check Payment Detail" window from the transaction screen.
