CANADA : Alert to borrowers and lenders: Significant changes to lessee accounting standards

Effective for accounting periods starting January 1, 2019, International Financial Reporting Standards 16 (IFRS 16) has replaced International Accounting Standards 17 (IAS 17) as the accounting standard for leases for all Canadian entities reporting under IFRS.

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Expensive Loans to Desperate People Built This $90 Billion Industry

About 12 million Americans use high or very high interest loans every year (payday, title loans, etc.). The Trum administration may introduce new legislation that may significantly change the landscape.  Here is an interesting article dealing with the subject.

Just follow this link.

How can I see interest that accrued on unpaid payments?

Question:

I have a question regarding interest accruing on unpaid payments. We have a franchise that is working on their cash flow right now and we wanted to give them an updated statement on what is owed to us for their franchise loan. How can I see interest that accrued on unpaid payments? So for example if their payment was due back in March of last year and they want to make a payment. How can I show them the interest that accrued on that payment?

Answer:

This is found in the “Outstanding” columns:

The interest is a very close approximation since uses a slightly different way of calculating interest than the normal method (really not a big difference, so no need to worry about this).

In the reports see under the Outstanding theme:

 

 

Setting Up Automatic Emails (Reminders) to Your Borrowers

Take a moment to view this video explaining how to set up automatic emails to your borrowers. It is a simple procedure that will allow you to remind your borrowers that a date of payment is coming up.