Expense types
Existing expenses are any periodic
expenses a borrower is required to make payment for.
- collect information from the borrower at time of creating the quote/application
- collect information from the borrower by the credit assessors at time of evaluation
- used to calculate surplus (NDI)
1. To create an Expense Type navigate to Configuration -> Setup
2. Select Expense Type under the finance agreements section.
3. Click on 
icon to create a new Expense Type.
4. Provide the details for the expense type.
For each expense type the following will need to be supplied
Description | Display As | Available During Origination | Expense Type Applies To | Include in surplus | Include in DTI | Classification | Minimum weekly amount |
To identify what the expense type is | This is what will appear on the pages/screens when the expense type is prompted for or presented | There may be instances where you would like the expense type to not appear on the application page for the borrower to supply details but would like the expense type available to the credit assessor to collect information at time of evaluation. | Expense types can be created that are specific to individual borrowers and also specific to business borrowers. If an application exists for a business only expense types that apply to the business will be presented on the pages. Likewise for individuals. | If the expense type is to be included in the surplus (NDI) calculation. see here for how the surplus calculations is made. If it is to be included in the surplus it can be included in 2 ways. Basic Expense, Non Basic Expense Liability. You need to also indicate how it is to be applied | If the expense is to be included in the debt to income (DTI) calculation. See here for details on how the calculation is made. If it is to be included in the DTI calculation you need to also indicate the percentage of the amount supplied that will be used. It is all explained in the DTI calculation link above. | Used to categorise the expense type for analysis | If the expense type is used in the surplus calculation, the minimum weekly amount can be applied. If the “Minimum Weekly Amount” on the debt type, contains a value, and the borrower / applicant has supplied a value for the expense type, then the greater of the “Minimum Weekly Amount” (adjusted to the correct frequency) on the expense type and the expense type value supplied by the borrower will be used. |
5. After providing the details click 
to create the new expense type.
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