Default Statistic Types of Income/Expense and Asset/Liability items are recorded as Statistic Types. These default in the New Client Wizard when adding a Statistic Set allowing you to enter the values for statistics. Once Client Statistics are entered, the Client's Net Income position is automatically calculated.
The amount of Available Income is calculated automatically based upon the Clients Group. This assists you to easily identify whether the client meets the company lending criteria. If the Available Income is insufficient to meet the payments of the new account, it may be declined.
Similarly, the Client's Net Asset position is established from recorded Assets/Liabilities and a Debt Ratio is calculated. The Debt Ratio is used to determine whether the client meets company lending criteria.
Client's Income/Expense and Asset/Liability details are recorded on the Client File.
Client Statistics are categorised as Income, Expense, Asset or Liability items.
Income is monies earned through employment and investments, e.g. Wages or Salary earned.
Expenses are costs incurred by the client, e.g. Insurance, Rates and Motor Vehicle expenses.
Assets are any items of economic value owned by the client, especially those which could be converted to cash. Examples include cash from bank accounts, house, motor vehicle and other personal property.