FAQs for Dioceses Using Deposits and Loans
Serenic Deposits and Loans offers the functionality to help reduce the complexity and time required to manage all your client deposit and loan accounts. Eliminated are the spreadsheets and outside ledgers not specifically built for the process.
How Does Serenic Deposits and Loans Do All This? See For Yourself.
Q: How does Serenic Deposits and Loans simplify the processing of new loans?
A: You can create new loan records with minimal entries instead of booking entries in multiple modules.
Q: How does Serenic Deposits and Loans streamline my monthly loan process?
A: Deposits and Loans gives you the option to advance funds. Since Deposits and Loans integrates with Serenic Navigator’s G/L, you can easily automate the fund advance, which alleviates the risk of double payouts and other errors.
Q: What options are available for interest earned on deposits?
A: Serenic Deposits and Loans automatically calculates interest on deposits and has the option to process a check or reinvest the interest back into the account. If the payout option is selected, an entry will be generated in payables, ensuring all balances are in synch.
Q: How can Serenic Deposits and Loans save me time?
A: You can automatically calculate interest and finance charges on loans. This includes the ability to set up grace periods for repayment. Also, you can automatically create loan transactions by entering accounts payable invoices and linking to the client and the loan.
Q: What are Serenic Deposits and Loans’ capabilities related to interest calculations?
A: Serenic Deposits and Loans lets you calculate either simple or compound interest on both deposits and loans using average daily balances. It also allows you to update the interest rate on loans while maintaining history of interest rates and effective dates.
Q: How does the Serenic/Microsoft connection benefit the Deposits and Loans product?
A: Serenic Navigator, certified for Microsoft Dynamics, offers integration with Microsoft Office® products such as Excel, Word and Outlook.