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Post by gaspilot on Jun 22, 2016 16:12:24 GMT
My dashboard figures are wildly incorrect.
The assets figure bears no resemblance to the assets I have on the site.
Is anyone else having this problem?
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Steerpike
Member of DD Central
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Post by Steerpike on Jun 22, 2016 16:17:15 GMT
My dashboard figures are wildly incorrect. The assets figure bears no resemblance to the assets I have on the site. Is anyone else having this problem? No, looks OK for me
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Post by gaspilot on Jun 22, 2016 17:21:17 GMT
I've just had a reply from TC and it's a bizarre accounting discrepancy related to H******n Ltd.
Here is a part of their email:
"The invoice for July regarding the H******n loan has been raised, but only part paid.
As the invoice date is in the future, the system isn’t showing the payment as uncleared which is why syndicate members cannot see an uncleared payment on their dashboard for this loan. However, it has been accounted for in the Assets part of the dashboard and when we reach the date for the July payment, the uncleared payments section will increase by the difference."
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pikestaff
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Post by pikestaff on Jun 22, 2016 23:13:11 GMT
TC posted yesterday afternoon (22 June) that they were aware of the problem. Message on both forums:
"We are aware of issues with lenders dashboards regarding this loan, which has arisen as a result of an advance payment of the interest for July 2016. A full explanation will be circulated to the syndicate tomorrow."
Hopefully the explanation will come later today. However, a couple of my recent TC emails have been sent to spam and my ISP has form in refusing to deliver emails from another platform (AC) even to spam (despite whitelisting by me), so I'd be grateful if someone could post here once they receive it.
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Post by tybalt on Jun 23, 2016 6:00:51 GMT
As far as I am aware the only manifestations of the Hornbeam problem is that :
£10.65 per £ 1,000 has been credited to Interest and debited to Cash in June 2016 but does not appear in the [refactored] loan financial details. £ 0.24 per £ 1,000 has also been credited to Interest and debited t0 Cash in March 2016
However Dashboard is still in balance as is the spreadsheet I keep.
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Post by gaspilot on Jun 23, 2016 6:09:55 GMT
As far as I am aware the only manifestations of the Hornbeam problem is that :
£10.65 per £ 1,000 has been credited to Interest and debited to Cash in June 2016 but does not appear in the [refactored] loan financial details. £ 0.24 per £ 1,000 has also been credited to Interest and debited t0 Cash in March 2016
However Dashboard is still in balance as is the spreadsheet I keep. The borrower isn't the name you've mentioned but Horn***n Ltd. The issue is that they have performed some calculations on the dashboard that are in fact in the July figures. However, some have been added to the dashboard (interest is one) and other haven't yet (assets is one). So the dashboard figures are out. I'm told it will be reconciled in July but I'm guessing not until 16th July.
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pikestaff
Member of DD Central
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Post by pikestaff on Jun 23, 2016 8:34:10 GMT
gaspilot , that is the loan tybalt means. I am in the same loan and I recognise his figures. My Dashboard balances and the cash figure is correct. However, my Assets per the Dashboard are wrong. I'm not yet sure if they are wrong by my original principal exposure or by my net exposure following the repayment which I seem to have of £88.89 per £1,000. My Trial Balance does not agree with my Dashboard and I think it is probably right, but I'm still working on it. TC's official explanation awaited...
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Post by gaspilot on Jun 23, 2016 10:57:49 GMT
gaspilot , that is the loan tybalt means. I am in the same loan and I recognise his figures. My Dashboard balances and the cash figure is correct. However, my Assets per the Dashboard are wrong. I'm not yet sure if they are wrong by my original principal exposure or by my net exposure following the repayment which I seem to have of £88.89 per £1,000. My Trial Balance does not agree with my Dashboard and I think it is probably right, but I'm still working on it. TC's official explanation awaited... Ah, okay - a different way of disguising the name I assume. My Total on the Dashboard appears to include a July interest payment that is due to be made on what looks like 10th July. Is your dashboard showing this?
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Post by gaspilot on Jun 23, 2016 11:03:10 GMT
I've just received an email explanation that should have been received by all investors I believe.
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pikestaff
Member of DD Central
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Post by pikestaff on Jun 23, 2016 14:03:23 GMT
Yes, although it is not as clear as it might be. My explanation:
Full repayment is due in July but but part of it (approx £88.89 per £1,000) has been received early and has been posted to lenders' cash.
TC’s system does not properly support partial payments. In order to give us the cash, they have reduced Assets by the whole £1,000 (transaction dated 10/7) and posted the outstanding amount (approx £911.11 per £1,000) to “Uncleared payments” aka Debtors, also transaction dated 10/7.
The dashboard picks up the reduction in Assets, but not the increase in Uncleared payments, which is inconsistent. As a result of this software issue, our platform totals as reported on the Dashboard are understated by the outstanding amount.
In my trial balance as of today, both of the 10/7 entries are excluded and my debtors include a negative entry for the prepayment. Which I think is correct.
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