CommonCents 101 - A MicroFinance Software by CENTech

This is a sample Computerized Loan Ledger Report of a MicroFinance client generated by CommonCents 101 software. The report reflects all transactions done by a client to his/her loan. The transactions may include: Release, Payment and even Adjustment transactions to a certain loan. As we analyze the report, we can figure out that CommonCents 101 software allows late payments as reflected in the 11/19/2004 payment transaction. We can also deduce that it allows advance payments as shown also in the 11/19/2004 transaction. In fact, the transaction on 11/19/2004 (amounting to 744) is a combination of more or less one (1) late payment, one (1) on-time payment and one (1) advance payment. The software also allows partial payment to payment amortization schedule without any hassle or confusion on the succeeding payment schedules.

The figures under 'Other' column (ex. 32, 32, 32, 38,26, 2) represent payments for other obligations aside from principal and interest. If we will look at the Clients Savings Ledger Report (another report that can be generated by the software) we will see there the details /breakdown of these figures. This report also shows the running balance of the principal and interest of the loan.

As communicated to us by the existing users of CommonCents, this loan ledger report has proven to be very useful because it tracks down and reflects all the transactions made to a loan. In some MFIS, this report has replaced the manual loan ledgers which they maintained before they used the CommonCents 101 Software. Some users of software are now claiming to be "ledger-less"- the term they used when they maintain NO paper loan ledgers.

Your decision of making your MFI ledger-less will create lots of savings on your manpower requirements (doing loan ledger updating) and can also be translated to efficiency which eventually make your bottom-line figures higher. Needless to say that you will be perceived by your clients as efficient in terms of recording their payments and savings.