Banking
Fees payable spreads - override
After a fees payable details in the fees business rules have been created in Fusion (please refer to the article here with instructions on how to do this), fees payable spreads can be created against investors, in order to either increase or decrease ...
How does banking work - Asset class bank accounts and Fund Control bank accounts
Clearmatch deals with investor funds being held in one bank account that resides in the fund control instance of Clearmatch and another bank account that holds the funds for the asset class where borrowing occurs. When transactions are processed in ...
Release Notes - Patch C - Burrowing Frog
Release notes for Patch C - Burrowing Frog can be found here
Transfer to account from a suspense account
There may be instances where an amount appears in the banking that is unknown and is allocated to a suspense account while trying to identify where it should be allocated. Once identified the amount will need to be moved to the correct account. 1. ...
Payment allocation breakdown
There are instances where it is not sufficient to only know which finance agreement a payment received from a borrower applies to. An example would be in premium funding where a finance agreement could be made up of many insurance policies and a ...
Originator group commission claw backs
Brokers / originator groups can have a claw back provision in their strategic alliance agreement where the broker must repay the finance company a percentage of the brokerage paid in respect of a contract, where the contract is terminated or written ...
Bank statements
The process to bank statement processing involves the following steps: Step 1 – Upload files Step 2 – Import files Step 3 – Auto matching transactions Step 4 – Manually matching items that did not auto match Step 6– Post the matched transactions Once ...
Notes maintenance queue
Clearmatch has a queue that can be used to view any notes that have/have not been generated. This will allow users to view noes that are: Complete (historical notes have been sent) Failed (an issue occurred that needs to be resolved) Queued (yet to ...
Dishonour files from the bank
Not all banks detail dishonour transactions in the bank statements, example ANZ bank. This makes it impossible to process dishonoured transactions through the bank statement upload. ANZ bank have a separate file called a “return items” file that ...
Transfer to multiple accounts from a suspense account
There may be instances where an amount is received in the banking that applies to more than one finance agreement or account. Examples: - a borrower or party has more than one finance agreement and makes one payment to pay all - a finance company ...
Clear funds that have been deposited, earlier than the clearance period
Funds that have been deposited into the bank are cleared for use as per the clearance period defined. So for example if the clearance period is 3 days, the funds will be available for use in 3 days time. However there may be instances where the ...
How to add/change cash interest rate
After creating the interest rate table actual rate will need to be setup. In order to do that , 1. Navigate to Banking -> Banks 2. Select Banking Interest Rate from Banking Interest Rate 3. Select the finance company that the rates need to be added ...
Add a bank interest rate table
Clearmatch allows to capture interest rates for interest that will be given to the investors for the money that resides in their fund account. Rates can be defined per bank per finance company. Before defining the interest rates, interest rate table ...
Creating a direct debit export file to send to the bank
Clearmatch produces direct debit bank files that can be uploaded to the bank, in order for them to process. The direct debit file contains all transactions where money will be paid into the bank account of the warehousing entity e.g. repayments by ...
Add a bank suspense account
Bank suspense accounts are accounts that can be used to match / allocate transactions to, that appear in the bank statement that are allocated to control accounts. This is specifically useful when the origin of a transaction is not known and while ...
List pending direct debit transactions
Clearmatch produces direct debit and direct credit bank files that can be uploaded to the bank for processing. There is an option in Fusion that will display all of the pending direct debit transactions for the bank account of the selected ...
List pending direct credit transactions
There is a menu option in Clearmatch Fusion that will display all of the pending direct credit transactions for the bank account of a selected warehousing entity. These are all the transactions that will appear in the DC (Direct Credit) file once it ...
Bank reconciliation
Ensuring that the finance company bank accounts are reconciled to the bank control accounts in Clearmatch is an important function to ensure that all transactions are processed and accounted for. It is important that all transactions that appear in ...
Manually match a bank statement
At times there will be transactions that appear in the bank statement that do not meeting the auto matching rules and will need to be manually allocated to an account e.g. a customer deposits money into the bank account and does not put the finance ...
Payout money from a control account via banking direct credit transaction
NOTE : In this article, the Receivable Management Fee Control Account will be used as an example. 1. Navigate to Configuration > Organisational Structure: 2. Select the Warehousing Entities item under the Entity section: 2. Select the appropriate ...
Create electronic funds transfer files : direct credit export file
This document includes the steps to create Direct Credit File from Fusion Create Direct Debit Export File 1. Go to Banking -> Electronic Funds Transfer -> Select the correct Warehousing Entity from the drop down. 2. Once the Warehousing entity is ...
Create electronic funds transfer files - direct debit export file
This document includes the steps to create a Direct Debit bank file from Fusion Create Direct Debit Export File 1. Go to Banking -> Electronic Funds Transfer -> Select the correct Warehousing Entity from the drop down 2. Once the warehousing entity ...
Uploading, viewing and importing a bank statement
Uploading a Bank Statement Statements from the bank will need to be uploaded into Clearmatch. Statements are uploaded to a bank account against a specific warehousing entity. 1. Log into Clearmatch Fusion with the appropriate credentials NOTE: A ...
Post a bank statement
When transactions have been allocated and reviewed, it must be checked to ensure that all is correct before transactions can be posted. Once posted, the transaction(s) will be active and appear against the account that they have been allocated to. ...
Auto match a bank statement
Once a statement has been uploaded the transactions in the statement need to be allocated to the correct account. The auto match function will automatically match transactions to the correct accounts where possible, based on the auto matching rules ...