Omni – Borrowing Values

If a bank account that is a ‘Mortgage Account’ is linked to the borrowing, then the ‘Borrowing Values’ tab will not be shown on the ‘Direct Investments, Borrowing’ screen.

It is intended that the borrowing values are entered regularly (e.g. quarterly) on the Repayment Details tab on the Direct Investments, Borrowing screen.

The Amount Outstanding at the date of the statement can be stored.

The interest show on the statement from the mortgage lender for the period since the previous statement should be entered. This is needed for the accounting information.

If the statement shows the capital repaid during the period since the last statement then this can be entered but this is not necessary because Omni can calculate it.

Accounting Data

For accounts purposes it is important to distinguish between capital and interest. When the accounting data is produced (via Reports, Accounts Data), a list of the interest payments is shown (taken from the Borrowing screen). The total interest on the borrowing is shown as expenditure in the income and expenditure account.

Accounting Checks

The borrowing payments that are made from the scheme’s current account to the lender are listed, with a total.

The total of the interest payments entered to the borrowing screen is added to the total of the capital payments entered to the borrowing screen to show the total amount charged by the lender in the period.

The difference between the amount paid through the current account and the amounts recorded as being charged by the lender is calculated. This difference should be zero and any non-zero difference should be investigated.

If there are no values for ‘Capital Repaid’ stored on the Repayment Details tab on the Direct Investments, Borrowing screen, then the Accounting Checks will attempt to calculate the total capital repaid for the period by deducting the capital outstanding at the previous year end from the capital outstanding at the current year end. For this to work, the capital values must be present at both year ends. Omni will not calculate the capital if there are any values for Capital Repaid at any date during the period.