Credit
The Credit module has been designed in Workcube to collect loans opened by banks, leasing companies or sellers and to track their payments. Like other FAB functions, credit transactions use accounting, current, budget dimensions and work with 3 currencies.
Credit institutions first allocate a limit to a business. Limits are the total loan amount you can get from that institution. You use this total amount sometimes at once and sometimes in multiple transactions. Each loan has a collection and payment table. For example, you can buy in 2 installments and pay in 24 installments. The loan consists of principal, interest/dividend and expenses. In other words, you collect the principal amount and pay it back to the credit institution by adding interest/dividend and expenses along with the principal amount.
Before Use
Before performing credit transactions in Workcube, you must make the following definitions.
- Credit Types
- Transaction Types and Authorizations
- Budget Items (Expense and interest items and accounting codes)
- Bank Accounts (Bank Accounts must be opened)
Module Functions
- Credit Limits
- Credits
- Credit Agreement and Payment/Collection Table
- Loan Payment Screen
- Credit Collection Screen
Related Functions in Other Modules
- Budget / Budget Management and Comparison Statement
- Budget / Expense Analysis
- BI / Standard Reports / Credit Analysis Report
- Bank / Bank Transactions List
- Cash Management / Cash Flow Statement
Tip:
Record the loan payment statement carefully. The records you make appear in the cash flow statement at maturity. Checks, promissory notes, bank instructions and open account payables are all in the cash flow statement. You should follow your payment terms on the cash flow statement. You can access the loan agreement through the table.