Reviewer, 2008-04-08 05:29:00

TrakLoan is a loan management system designed specifically for local and regional development companies that make loans to local businesses and borrow, in turn, from government or other agencies.

Pros: TrakLoan lets the user manage multiple loan accounts. Typically this application is for local and regional development companies. These companies make loans available to local businesses. They in turn get their funds from government and other agencies. But that is beside the point as that activity is not in the purview of this package. The package is claimed to have been developed for a real loan distribution cum development company and has been used by this company for couple of years before this general release. TrakLoan maintains a database of accounts, loan types, and a journal of payments and disbursements. All transactions, disbursements and receipts are entered into a journal. This is a compilation of all transactions as they happen. Entries are made for a given fiscal period, say a month. At the end of each period the operator clicks the [Post Journal] button and all the transactions are posted. What happens is that all the accounts are updated with the transactions that happened for each of the account during the accounting period. A report indicating the status prior to posting and after posting is generated.

Each account is shown on the posting report. If an account had transactions during the period, each transaction for the account is printed showing days since the last transaction, transaction amount, interest accrued, interest paid, principal paid, unpaid interest due, and the current principal balance. Accounts which had no transactions during the period have their interest due calculated, printed in the report and total dues are updated. All accounts are updated so that status of each individual account is available and are current as of that accounting period.

Posting also produces a summation of totals for each loan type of interest accrued, interest paid, principal paid, current loan balance and unpaid interest.

The journal is cleaned up and is ready to start for the next fiscal period.

Cons: Nothing negative noticed.

Overall a good application though for a very specific target. This is a 3 star performer without a doubt.