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The Loan Interest Payment (LIP) module is a powerful accounting module used to manage, track, and report on interest payments required for your lenders. LIP seamlessly integrates with MIMOTA and the Money In module to store and track information on your investors/lenders and their loans to your organization, including donation of interest, renewals/rollovers, and so on.

LIP provides the ability to record and track interest and principle payments, changes to loans, loan renewals, and all other factors that affect the calculation of interest to be paid to your lenders. The system reports 1099 amounts, generates appropriate mailing label data, and generates a variety of reports, including weighted average terms remaining, repayments requested, loans payable, current checks to write, 1099, and 1099 mailing address export. Reports can be generated for all time or for a selected range of dates.

With LIP you can...

> Track your payments to all investors in your organization

> Generate total payment reports, including 1099 amounts

> Calculate appropriate interest to pay when items are held past their typical due date (e.g. while in rollover discussions with investor)

> Manage compound interest, no-interest loans, and loans with innovative or unusual payment structures

Screenshots

Loan activity main page

Interet payments calculation screen

Interet payments options

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