Financial accounting and loan accounting are the key functions of any financial institution.

Infinite IT Solutions Pvt. Ltd. (IITS) has automated the key functions of most of the leading financial institutions in the state of Maharashtra (since 1990) by developing an ERP system called InfiniteRecord".

The LA system is an integrated web-application of the next-generation InfiniteRecord ERP system. It is fast, secure, scalable and robust application which can be easily customized as per the unique / peculiar requirements of any financial institution.

It takes care of borrower outstandings, overdues and interest calculations of various loan components viz. Principal, Interest and Expenses.

The system maintains borrower master data such as borrower name, key person details with office / factory addresses, repayment schedules, interest rates, sanction, disbursement, refinance details. etc.

It also maintains borrower statistical data such as district, constitution, industry type, industry size, nature of legal document, authority, scheme, product, category (effective date-wise), frequency of interest calculation, health code etc.

All history data of borrower is maintained with a concept of effective date. The LA system populates transaction data from Financial Accounting (FA) & History Data Management (HDM) system (loan transactions of earlier financial years). The entry point for LA system is first disbursement transaction to a borrower.

Some of the major reports which can be generated from LA system are:

1. Personal Loan Ledgers
   1. Master Data
   2. Transaction Data
   3. Borrower-wise Category List
2. Interest Computation Reports
   1. Interest Computation - Inputs
   2. Interest Computation - Results
   3. Interest Computation - Borrower-wise List
   4. Interest Notice
3. Outstandings & Overdues Statement
   1. Outstandings & Overdues Statement - Detailed Report
   2. Outstandings & Overdues Statement - Summary report
4. Instalment
   1. Installment Borrower-wise List
   2. Instalment Notice
5. On Screen Query
   1. Outstandings / Overdues
   2. Interest Computation Input Information.
   3. Interest Debug Information

It also generates other MIS reports such as default made anytime during the period, insurance fall due, pending commitment, balance confirmation notice, renewal of insurance policy, outstandings where terminal date is over, security statement, etc.

Health Code generation module can also be made available with the LA system.

All the above reports can be generated with wizard-based dynamic selection (filter) and sequence criteria. With the flexible criteria interface reports such as Outstandings / Overdues can be generated for over 200 possible combinations.

All reports are developed with clean & neat PDF and / or MS Excel file formats and they can be preserved as a permanent record or can also be used for further analysis.

LA system comes with a powerful onscreen drilldown query. User can view summary of outstandings & overdues of all loan accounts of a borrower. At the next drilldown level user can view loan account-wise outstandings & overdues and further the query can be drilldown to viewing to principal/interest/expense transactions of each loan account, running balances and details of interest calculation, etc.

IITS is providing Software-as-a-Service (SaaS) to automate end-to-end election processes since 2012. The FA & LA application are also made available on SaaS model since March 2021.