sl75
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Post by sl75 on Oct 22, 2014 19:04:50 GMT
They are double entry but against the loan account itself. I can see the issue and if people agree money should still flow from the loan to the investment account and then back to the cash account then I'll add it to the to do list. As others, better would be a "universal statement", showing the "to" and "from" accounts. Alternatively, why not a statement for "the loan account itself" that will contain all of a specific lender's transactions to/from the loan account? [i.e. all purchases, sales, bids from the legacy system, and capital/interest repayments - and possibly other categories of transaction.]
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Post by batchoy on Oct 22, 2014 19:21:48 GMT
They are double entry but against the loan account itself. I can see the issue and if people agree money should still flow from the loan to the investment account and then back to the cash account then I'll add it to the to do list. As others, better would be a "universal statement", showing the "to" and "from" accounts. No - if these are separate accounts which AC are claiming they are and there are at least two more coming on stream, they need to be treated a such and have proper statements for each account after all you don't have a combined statement for your current account, deposit account, credit card account and mortgage if you hold all of them with the same financial institution so why should you with your AC accounts. Similarly your bank doesn't put credit card payments on your current account statements simply because you settle your credit card account with a direct debit from your current account which is effectively what AC are doing at the moment with MLA sales being posted on your CA statement if you are withdrawing income.
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Vero
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Post by Vero on Oct 22, 2014 19:46:46 GMT
Accounts, profiles and user names
I have both a personal and a company SSAS AC account, with specifically distinct account name/user name, which *used to* show up in the top right hand corner when logged in.
I no longer see the distinct account name / user name. Instead, in both my own personal account and my company's SSAS account, I see the exact same thing - just my first and last name.
I could not see mention of the distinct account name / user name anywhere. It is not in the profile page, in fact all details on the profile page are now identical for both accounts (other than email address).
The distinct (and obvious) account name / user name is not a nice to have, it is a requirement.
Please can this be re-instated?
Thank you.
** In Edit ** And fix in place before the week was over, thanks chris and team **
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Post by chris on Oct 22, 2014 19:51:52 GMT
They are double entry but against the loan account itself. I can see the issue and if people agree money should still flow from the loan to the investment account and then back to the cash account then I'll add it to the to do list. As others, better would be a "universal statement", showing the "to" and "from" accounts. Alternatively, why not a statement for "the loan account itself" that will contain all of a specific lender's transactions to/from the loan account? [i.e. all purchases, sales, bids from the legacy system, and capital/interest repayments - and possibly other categories of transaction.] The loan account is shared between all lenders to that loan and is used as a ledger for the borrower and their repayments.
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Post by chris on Oct 22, 2014 19:53:15 GMT
Accounts, profiles and user names
I have both a personal and a company SSAS AC account, with specifically distinct account name/user name, which *used to* show up in the top right hand corner when logged in.
I no longer see the distinct account name / user name. Instead, in both my own personal account and my company's SSAS account, I see the exact same thing - just my first and last name.
I could not see mention of the distinct account name / user name anywhere. It is not in the profile page, in fact all details on the profile page are now identical for both accounts (other than email address).
The distinct (and obvious) account name / user name is not a nice to have, it is a requirement.
Please can this be re-instated?
Thank you. I'll add it to our to do list. In the interim you could give each account a different profile picture.
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Vero
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Post by Vero on Oct 22, 2014 19:58:06 GMT
On the to do list is just fine, thanks Chris.
[It's mostly about checking boxes, anything invented this century perturbs the regulator and cronies]
** In Edit ** And fix in place before the week was over, thanks chris and team **
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sl75
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Post by sl75 on Oct 22, 2014 20:06:56 GMT
No - if these are separate accounts which AC are claiming they are and there are at least two more coming on stream, they need to be treated a such and have proper statements for each account after all you don't have a combined statement for your current account, deposit account, credit card account and mortgage if you hold all of them with the same financial institution so why should you with your AC accounts. Similarly your bank doesn't put credit card payments on your current account statements simply because you settle your credit card account with a direct debit from your current account which is effectively what AC are doing at the moment with MLA sales being posted on your CA statement if you are withdrawing income. It seems your conceptual problem is that you consider the investments to be contained within the account, but they're separate to it... Suppose I've been habitually using my current account to buy and sell widgets. The bank launches a special "widget-buying account", so that going forward this is the only way to buy widgets. When I sell widgets, I am still free to have the money deposited in my current account, but I can also choose to have it paid directly back into the widget-buying account. Later, in addition to this manual widget-buying account, the bank plans to launch additional fully automated widget-buying accounts that I can fund and they'll automatically determine the most suitable widgets for my requirements. The bank offers to keep track of which widget serial numbers came from which widget-buying account, so that I can have the funds returned to the same account that was used to buy the widget, but if I prefer I can still have the proceeds from widget sales going into my current account to redistribute as I see fit.
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Post by abjz493 on Oct 22, 2014 20:24:28 GMT
Has anyone else experienced a sudden drop (>90%) in Accrued Interest compared to yesterday, without any payments coming through today?
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Post by batchoy on Oct 22, 2014 20:29:24 GMT
No - if these are separate accounts which AC are claiming they are and there are at least two more coming on stream, they need to be treated a such and have proper statements for each account after all you don't have a combined statement for your current account, deposit account, credit card account and mortgage if you hold all of them with the same financial institution so why should you with your AC accounts. Similarly your bank doesn't put credit card payments on your current account statements simply because you settle your credit card account with a direct debit from your current account which is effectively what AC are doing at the moment with MLA sales being posted on your CA statement if you are withdrawing income. If, for the sake of argument, we have MI, green account and six filter lender accounts all buying and selling the same wind farm loan parts, how are we supposed to verify repayments and interest without combining those statements in to one? Your comparison is not directly equivalent. Originally, AC was only supposed to create separate accounts to hold money destined to be used in a certain way to be kept separate but all the money ultimately is used for the same purpose - to buy loans. But they went too far and are placing restrictions on the reporting of money and transactions on the platform that have nothing to do with the requirements and everything to to with their flawed implementation. It is directly comparable if as Chris keeps stating these are now separate virtual bank accounts and reconciliation is simple, you just reconcile and verify them individually and then together just as you do with multiple accounts in other organisations. All the transactions for the manual account will be in the manual account statement, all the cash transactions will be in the cash accounts statement etc. and any transfers in between accounts will appear in the both the affected accounts just like any normal bank statement. My question to you is how to you reconcile and verify single multi-account statement that potentially has repayments and interest payment from the same loan were there are different value holdings in different accounts i.e. you hold £100.00 of XYZ in your manual account and £354.62 of XYZ in the automated account, and similarly how do you reconcile transfers between accounts if there is effectively no accounts to transfer between as there is only one statement. As it stands now I have half my post upgrade loan transactions on my Manual Statement and half on my cash account statement.
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ianj
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Post by ianj on Oct 22, 2014 20:30:50 GMT
Has anyone else experienced a sudden drop (>90%) in Accrued Interest compared to yesterday, without any payments coming through today? Yes! !00%
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Post by chris on Oct 22, 2014 21:03:25 GMT
Has anyone else experienced a sudden drop (>90%) in Accrued Interest compared to yesterday, without any payments coming through today? Yes! !00% Accrued interest is being actively worked on to include the historic figures. Expect a couple of jitters as we shift and change the calculations over the next 24 hours.
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Post by chris on Oct 22, 2014 21:14:44 GMT
I think you may be falling into chris's trap. They are only "separate" because he *says* they are. Furthermore, there will eventually potentially be multiple accounts not just two. I have diversified into 71 different loans and reconciling all those is not something I would look forward to. I already have to use a massive python program to make any sense of TC insane transactions and I don't want to have to do the same for AC for no real reason. Furthermore, it's not a case that certain loan units are associated with a particular account. I won't have £50 of wind farm A in MI and £70 of wind farm A in green account. I just have £120 of wind farm A on the platform and some cash which is pretending to be spread out in various "accounts". batchoy - sorry this isn't really aimed at you... They really are separate. Each account is a separate record in the database with its own balances, checks and controls, and each has a separate list of transactions recorded against it. There are pre-defined methods via which money can be moved between those accounts. An SQL query can be used to combine the statements for each but that doesn't make them any less separate, nor does it mean it would be an efficient solution. You will have £50 of wind farm A in MI and £70 of wind farm A in green account - that is precisely how it works and loan units are tracked on a per investment account basis. They will be separate loan units with different IDs and will be treated separately by the system. By all definitions they are logically separate, however as they physically reside in the same database (at least for now) they can be combined.
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Post by Ton ⓉⓞⓃ on Oct 22, 2014 21:33:26 GMT
When looking at a list of loans (eg in loan book / browse loans), I'd like to be able to control+click/right click, open in new tab for the loans I'm interested in, and open them all, rather than having to go in to each one and then go back to the list. Is there a way of doing this? If not, could it be added? Perhaps you've already have an answer to this but right click on the '>' at the extreme right of the loan when in any loan book as shown below Then select where you want the new window to open.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Oct 22, 2014 21:43:30 GMT
When looking at a list of loans (eg in loan book / browse loans), I'd like to be able to control+click/right click, open in new tab for the loans I'm interested in, and open them all, rather than having to go in to each one and then go back to the list. Is there a way of doing this? If not, could it be added? Perhaps you've already have an answer to this but right click on the '>' at the extreme right of the loan when in any loan book as shown below Then select where you want the new window to open. Love the graphics. Simple & to the point. And NO, I'm nor being sarcastic
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Post by Jack Barlow on Oct 22, 2014 22:05:20 GMT
Each account is a separate record in the database with its own balances, checks and controls, and each has a separate list of transactions recorded against it. There are pre-defined methods via which money can be moved between those accounts. ... By all definitions they are logically separate, however as they physically reside in the same database (at least for now) they can be combined. chris, I think you've convinced me that we should really have a full set of transaction records for each "account" that can be fully reconciled separately, rather than the halfway house solution which I supported earlier (which would allow the user to generate the full set of transactions for each account but would require some processing effort to do so). This seems to be the view of most (though not all) of the other lenders who've posted on this topic. However, if you do choose to go that route I'd also really like the option to concatenate the full sets of transaction records for each account together into a single download (with a suitable account number flag against each record) ... until we get access to the API, then I probably won't need to bother with the downloads.
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