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Post by Jack Barlow on Oct 22, 2014 16:54:03 GMT
batchoy, I think we probably need to distinguish between the accounting that goes on behind the scenes in the AC software and the transaction records that are produced for lenders' consumption.
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Post by batchoy on Oct 22, 2014 17:04:54 GMT
batchoy, I think we probably need to distinguish between the accounting that goes on behind the scenes in the AC software and the transaction records that are produced for lenders' consumption. I am purely talking about the statements that AC provides me as a lender. Which at the moment do not reconcile because MLA sales are being posted in the CA statement.
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pikestaff
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Post by pikestaff on Oct 22, 2014 17:13:41 GMT
I can either add the account name to the transaction or I can route through both accounts. I think the latter will cause more confusion for the casual users who do not reconcile everything and want to see activity so I think I'd prefer the former, but I haven't decided either way yet so can be swayed. , If you're considering compiling a single combined download of all transactions relating to all accounts (with an extra column added containing an account reference), as I think you've indicated in a previous post that you are, then it seems the first approach (just adding the account name or number to the transaction text) would be ideal. And presumably simpler programming too? I agree. Keep it simple enough that everybody can understand. The full reconcilers will still be able to reconcile their accounts, they will just have to get used to receiving the data in this way.
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Post by mrclondon on Oct 22, 2014 17:14:35 GMT
Transaction entries either need to be ALL on the statement for the investment account they refer to, with cash balance transfers double entried on the cash account and investment account statements, or ALL transactions need to be on a single statement. The current situation of manual investment account transactions appearing on one of two statements depending on a user configuration setting really isn't on.
The complexity of the underlying model is such that unfortunately we need to check as far as is possible that AC are paying lenders what they are due. Unfortuanely on too many occaisons this year that has not been the case (I emailed AC earlier today concerning two lots of missing money from my account, one has since been credited I'm still waiting for the other).
The statements need to be as clear as possible, to help lenders help AC identify the black holes into which money at AC disappears. "As clear as possible" means all related transactions on a single statement to allow download and analysis using excel or equivalent.
I've said before, I've long since stopped recommending AC given the catalogue of account errors I've suffered this year ... and almost always they are in AC's favour not mine. Account accuracy should come before graphic design changes which are soley for the minority group of tablet users.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Oct 22, 2014 17:26:31 GMT
Good point. I'm glad there's a valid reason for me liking to keep my amount topped up, even if I didn't know what it was  Normally the longer you hold a loan the more time there is for things to go wrong, be it a company issue or a global one, even if the ltv is apparently improving. Another good point. I did have that thought myself as I mulled it over instead of sleeping last night. I considered though, that as the ltv would be relatively small by the time you got towards the end of the loan, the vast majority of things that went wrong could be remedied by selling whatever security was held against the loan. This then led me to another thought: suppose it was a building and the loan had paid up right to the last payment - would AC actually instigate the sale of the whole building in order to recoup the remaining capital and interest due? So, say a 60 month loan of £600K, of which just £10K + some interest was now outstanding. It would seem like a bit of overkill, but of course we'd still want our outstanding money recouped from somewhere (and if my strategy had led me to now hold all of that £10K, I'd obviously want it all recouped  ). Am I being naive to think it would be?
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oldgrumpy
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Post by oldgrumpy on Oct 22, 2014 17:27:32 GMT
"The statements need to be as clear as possible, to help lenders help AC identify the black holes into which money at AC disappears. "As clear as possible" means all related transactions on a single statement to allow download and analysis using excel or equivalent.
I've said before, I've long since stopped recommending AC given the catalogue of account errors I've suffered this year ... and almost always they are in AC's favour not mine. Account accuracy should come before graphic design changes which are solely for the minority group of tablet users."
Does this mean that we all need to do this because AC won't check that each person's account is correct unless they are pushed into asked to do so? I haven't spent hours checking mine. Should I? andrewholgate ?
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oldgrumpy
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Post by oldgrumpy on Oct 22, 2014 17:31:00 GMT
I have a £600 shadow bid pending on Fostering Agency 144. Do I need to set my Manual Loan Investment target at £600 as well, or will my shadow bid be called in as before by email?
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ianb
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Post by ianb on Oct 22, 2014 17:35:21 GMT
I have a £600 shadow bid pending on Fostering Agency 144. Do I need to set my Manual Loan Investment target at £600 as well, or will my shadow bid be called in as before by email? I rang up AC earlier and asked about shadow bids - the answer I got is that email will be sent out a few days in advance to allow lenders time to money in if needed and then they (AC) will manually apply the money to the shadow bids. Didn't ask which account the cash needs to be in, guess it doesn't matter.
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oldgrumpy
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Post by oldgrumpy on Oct 22, 2014 17:40:39 GMT
Thank you Ian - I shall bait with weighted breath.  |
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Post by pepperpot on Oct 22, 2014 17:53:46 GMT
Normally the longer you hold a loan the more time there is for things to go wrong, be it a company issue or a global one, even if the ltv is apparently improving. Another good point. I did have that thought myself as I mulled it over instead of sleeping last night. I considered though, that as the ltv would be relatively small by the time you got towards the end of the loan, the vast majority of things that went wrong could be remedied by selling whatever security was held against the loan. This then led me to another thought: suppose it was a building and the loan had paid up right to the last payment - would AC actually instigate the sale of the whole building in order to recoup the remaining capital and interest due? So, say a 60 month loan of £600K, of which just £10K + some interest was now outstanding. It would seem like a bit of overkill, but of course we'd still want our outstanding money recouped from somewhere (and if my strategy had led me to now hold all of that £10K, I'd obviously want it all recouped ). Am I being naive to think it would be? No. I'm with you on this, and would actually prefer my holding in a loan with B+M security to amortise in the opposite direction. When the LTV is down to single figures, why would it be risky to hold all of it? So we'll share the 10k between us for the last month Or will we have to resort to an arm wrestle? 
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Oct 22, 2014 18:09:57 GMT
Another good point. I did have that thought myself as I mulled it over instead of sleeping last night. I considered though, that as the ltv would be relatively small by the time you got towards the end of the loan, the vast majority of things that went wrong could be remedied by selling whatever security was held against the loan. This then led me to another thought: suppose it was a building and the loan had paid up right to the last payment - would AC actually instigate the sale of the whole building in order to recoup the remaining capital and interest due? So, say a 60 month loan of £600K, of which just £10K + some interest was now outstanding. It would seem like a bit of overkill, but of course we'd still want our outstanding money recouped from somewhere (and if my strategy had led me to now hold all of that £10K, I'd obviously want it all recouped ). Am I being naive to think it would be? No. I'm with you on this, and would actually prefer my holding in a loan with B+M security to amortise in the opposite direction. When the LTV is down to single figures, why would it be risky to hold all of it? So we'll share the 10k between us for the last month Or will we have to resort to an arm wrestle? Phew!!! I'm well used to swimming against the tide, dancing to my own tune, and generally operating on the contrarian side, but even I was starting to feel lonely on this one - happy to share! I'm very comfortable with doing things differently, but it only really works if people challenge you about it regularly enough so that you know you have considered the alternatives adequately. Occasionally, I find I haven't  .
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oldgrumpy
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Post by oldgrumpy on Oct 22, 2014 18:31:00 GMT
chris You've got a typo in your loggedout/login window. You have been logged out of the system because your were inactive.
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mikeb
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Post by mikeb on Oct 22, 2014 18:32:01 GMT
chris can you change the auto log out frequency to longer or make it a user setting. It's getting on my wick lol! On Ramblinroses's tipoff I installed the "ReloadEvery" plugin, and told it to quietly hammer on the dashboard page. This keeps me logged on, without specifically refreshing other AC tabs I might have open (upcoming loans, my-loan-book etc)
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mikeb
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Post by mikeb on Oct 22, 2014 18:36:51 GMT
"The statements need to be as clear as possible, to help lenders help AC identify the black holes into which money at AC disappears. "As clear as possible" means all related transactions on a single statement to allow download and analysis using excel or equivalent.
I've said before, I've long since stopped recommending AC given the catalogue of account errors I've suffered this year ... and almost always they are in AC's favour not mine. Account accuracy should come before graphic design changes which are solely for the minority group of tablet users."
Does this mean that we all need to do this because AC won't check that each person's account is correct unless they are pushed into asked to do so? I haven't spent hours checking mine. Should I? andrewholgate ?
I don't know about black holes, but there are some glitches in the matrix that certainly need to be flagged up more than once before they get identified. Not everybody will have noticed, and if automated reconciliation systems aren't catching it, then customers are the last line of defence. When it comes to daily reconciliation of accounts leading to accounts STILL being wrong, you only have to look over the fence to FC ... 
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Post by Jack Barlow on Oct 22, 2014 18:39:47 GMT
chris, once you get a moment to draw breath, I wonder if you might be able to give us a brief summary of the issues that you've picked up on so far from the various feedback posts and PMs, categorised under say "already sorted", "should be done in next day or two", "hope to have done in the next week", "thinking about", and "dismissed". (No need to list those things that you’re leaving for your new UX guru to consider, we’ll assume he’ll be looking at everything else.)
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). Am I being naive to think it would be?
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