Written by 10:38 am QuickBooks, Software Tips & Advice

How “Bank Statement Pro” Helped a Credit Company in Reconciling Customers’ Balances.

The business of Credit and Asset Purchase Financing is a business that requires effective bookkeeping, especially when you have a larger chunk of your capital already advanced to customers as a loan with expected interest income.

An Accounting Software deployed for SMEs in this line of business will not only help management to understand the company’s financial positions, but will also help them to see and monitor their profit and/or loss position. For businesses in Nigeria; real-time customer’s account balance and bank reconciliation remain a key subject of concern that require immediate attention.

One of our clients had this challenge – upon approval of loans receivable in 3-6 months, customers start the repayment plan by making credit transfers to the bank accounts (Lender). Credit officers, who are in charge of tracking repayments do not have a direct access to the Credit Company’s bank statement, they miss such payment transaction as they aren’t aware of these payments. The customers, on their assumption that these periodic payments will be automatically recorded against their loan and interest payable, felt no need to do a follow up.

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For over 5 years, we have implemented QuickBooks and Sage 50 for several companies under Retail, Manufacturing, Oil & Gas, Real Estate & Construction, Travels, Hospitality,Legal, Co-operatives, NGOs, Financial & Service Sectors.
  • Mbaire Services Nigeria Ltd(Construction)
  • Chisco Transport Limited(Transport)
  • Lounge38(Hotel and Bars)
  • CTRL System Technologies Limited(Procurements)
  • Aristokrat 360 Limited(Creative & Media Agency)
  • Alpha Pharmacy (Health Care & Supermarket)
  • Ericsson Nigeria Multipurpose Co-operative Society (Co-operatives)
  • Fastanet Limited (ICT and Security)
  • Britanic Maritime (Maritime Service)
  • CEO Business Limited (Salary Advance, Credit Finance and Loan)
  • OneHealth Pharmacy (Health Care)
  • Widdi Pharmacy (Health Care)
  • Olpharm Pharmacy (Health Care & Distributor)
  • Hawkes Legal(Legal)
  • Kantessa Limited(Fashion Store)
  • OPI Nigeria International Limited (Oil & Gas Servicing)
  • Zenilum Company Limited (Oil & Gas Servicing)
  • Extol Security Services Limited (Security and Guard Services)
  • Lilygate Hotel(Hospitality)
  • Benstel Nigeria Limited(Bottle Water Production & Distribution)
  • Paraclete Nigeria Limited (Bottle Water Production & Distribution)
  • Lakia Construction Limited (Real Estate Development)
  • Josien Holdings Limited(Distribution)
  • Aisha Buhari Foundation (Futured Assured)(NGO)
  • Doheney HR Services(HR)
  • Insights Limited(Health Consultant)
  • Biddel Oil & Gas Limited (Oil & Gas)
  • System Intelligenz Limited(Contractor)
  • MagTech Information Security (IT)
  • Infusion Cakes Nigeria (Bakery)
  • SCERA Nigeria (NGO)
  • M.D School (Private School)
  • Travel Options (Travels)
  • Logos Travel Support & Solutions Ltd (Travels)
  • Melcurt Nigeria Limited (Oil and Gas Engineering and Pipeline Construction)
  • Starlight Nigeria (Retail)
  • Temple Private School (Education)
  • Value Mart Supermarket (Retail)
  • Transweb Bureau De Change (Financial Service)
  • Vektro Food Limited (Manufacturing & Retails)
  • Orient Petroleum PLC (Oil & Gas)
  • Plus More

At the end of the loan tenor, the account officers sent a payment notice to the customers with the amount due. The customers upon this, requested for the statement of account and discovered the difference in the balance following the non-recognition/ non-recording of some payments. In order to trace the difference, the credit officer contacted the bank for a review of their statement and found repayment that were in the statement which were not recorded for the customers (borrower). These had been going on for a long time until we propose an application called “Bank Statement Pro.”

Our “Bank Statement Pro” didn’t just close the gap by providing the credit officer with the flexibility of importing multiple customers’ payment into QuickBooks Accounting Software, but also eliminated possible conflicts by reconciling all loan balances on the company and at the customer’s end.

When customers pay into the company’s bank account, it reflects in their weekly Statement of Account, downloaded from the bank’s mobile banking platform which is then recognized at the point of import via “Bank Statement Pro” and mapped to the respective customers’ name in QuickBooks for real-time reporting.

Import Bank Transactions Into QuickBooks Desktop

This is a typical example of how “Bank Statement Pro” is helping Loan/Credit companies to track their cash flow; all transactions arising from loan and interest repayment are now synced into “QuickBooks” to generate an accurate loan receivable report; customers are better informed of their actual balances when they request for their statement of account.

If you run a retail or corporate loan or credit services and would like to automate your accounting system, connect with us at info@accountingsoftware.com.ng or call 08105090001, 08084219399.

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Last modified: March 24, 2021
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