Multi-Book Accounting Module in Nortridge's Loan Servicing Software
The Nortridge Multiple-Book Accounting module allows loans to report to two or more different sets of books in the General Ledger.
Example #1 A loan has been charged off, or partially charged off on the official ledger, but there is also a need to keep the entire loan on the system and attempt to collect on the full amount.
Example #2 Loans are purchased at a discount or premium. This module will allow the full note balance to be tracked on the master loan, and the actual cost basis can be tracked on the shadow loan.
- Allows user to track and report on separate balances
- Transaction flow-through to shadow loan(s), if desired
- Set parameters that control the interaction with the master loan
- Monies can be distributed via basis recovery, discount method, or daily prorated income method