CommonCents™ 101
A Micro-Finance & Banking Software

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1. Micro-Finance (MF) Loan Tracking System

• A module that stores and processes client information. This is a client-centric system. Once information is inputted, it can be used in either loan system and/or savings system.

• Modules for inputting new loans and updating these records of loan approval, release, and payment transactions. The software also keeps track of aging of loans with flexible aging brackets. It also can transfer loans to other loan types and can write off loans.

• Modules that facilitate group payments and group releases and other group loan transactions. CommonCents' MF Release and MF Payment modules are designed to specifically handle group loans (e.g., Grameen or ASA-type) transactions. The modules are very flexible that the release/payment of group loan transactions may involve release to/ payment of one person, two or more members of a group, or for the whole group itself. Each transaction, which may involve one or many clients, will only generate a single entry to the General Ledger System. These modules differentiate the CommonCents  101 software from the traditional banking system in a way that a processing of payment in a center/group (for example, 40 clients loan payments and 40 clients savings transactions) is done just like an ordinary one payment or release. Furthermore, encoding of data is facilitated because suggested figures (e.g., principal, interest, savings1, savings2, etc.) for every client loans and savings will be given by the software. All the user will do is change the figure(s) that deviate(s) from the supposed figures and post this one transaction. This will then update all then individual loan ledgers of a center , all the individual savings ledgers of a center and the accounting ledger of the branch in just a fraction of time..  These features have proven to be the most time-saving features of the CommonCents 101 software compared to traditional banking software. Furthermore, the Payments module of CommonCents 101 software can handle partial payments, late payments, advance payments and payments with deposits.

• Module for reclassifying or transferring of loans (for example, from Active to Past Due or to other classifications.) This module can also be used for writing off delinquent loans.

• Module for correcting wrong loan transaction entries (ex. nullifying payments, correcting loan entries made to wrong persons, Unreleasing Released Loans, etc.);

• Automatic updating of data related to Accounting and MF Savings Systems (e.g. automatic updating of accounting data for every loan transaction, integration of deposit and withdrawal of savings for the release and payment of loans, etc.). This means all the modules and processes mentioned above have their own General Ledger Entry and are automatically posted to the General Ledger System as well as to the Saving System.

• Accommodates multiple loans. This means that you can create many loans for Micro-Finance and individual loans (for banks).

• Provides flexibility in the computation of amortization interest and principal.

• Modules for generating standard reports regarding loan information, i.e., management, monitoring and activity reports. The system has many existing reports to monitor performance (ex. master list of loans, aging reports, PAR reports, repayment reports, status reports, etc.). It can also facilitate operations (billing reports, loan ledgers, payments reports, etc.). These reports are grouped by branch, loan type, program officers, centers, etc.  The content of the reports can also be filtered by information (ex. branch, donor program, loan type, centers, etc.) to which the records belong.