Can Margill software be used for HOA (Home Owners Association) collections along with the interest calculation?

Q: Can Margill software be used for HOA (Home Owners Association) collections along with the interest calculation?

A: Yes, very easily without needing an agency to do these calculations.

Many law firms and accountants are tasked with collecting HOA assessments and find it time consuming with a risk or error when this is done by hand or in a spreadsheet.

Option 1 – Low volume

Margill Law Interest Calculator can be used to do these calculations when there is a low volume (less than 20-25). You can even import the assessment amounts and dates as well as the payments made with a very simple 2-3 column Excel sheet.

Example of a HOA collection table where assessments are included as well as payments and attorney fees:

Nice need reports can also be produced in PDF formats that show how payments are applied.

Option 2 – Higher volume 

If your volume if greater than twenty or so cases (and can go to the hundreds or thousands), then Margill Loan Manager would be a better solution since all data is stored in a nice-neat database in which assessments, payments, attorney fees and costs can be added in bulk though a spreadsheet. You can also manage payments and collect through ACH payments – so you can actually service the HOA assessments. Furthermore, you can instantly provide your client with balances for all outstanding assessments.

For more information, please contact us at 1-877-683-1815 or by email support@margill.com

 

How to change the Windows Short date format

Margill prefers a date format that contains 4 digits for the year. This is especially important for calculations that may (if these still are out there!) predate the year 2000.

How to change the Windows Short date format:

Windows 10 gives you various ways to change the short date format (Control Panel or Settings)

1) With Control Panel

Type a few letters of the word “Control Panel” in Cortana (bottom left):

Go to Clock and Region and click on “Change date, time or number formats”

Then change your Short date format to the format you want that contains yyyy, MM and dd. You decide on the order these appear in. If none of the choices match, click on “Additional settings” on the bottom right in this window.

You can then type in the missing year digits (y – total 4), month digits (M – total 2)  or day digits (d – total 2)

2) You can also use the Windows key  on your keyboard and X and go to “Settings”:

Click on Time & Language

Find “Related Settings” and click on “Date, time & regional formatting”

Click on “Additional date, time & regional settings”

Click on  “Change date, time or number formats”

Now see the instruction in 1) above to enter the proper “Short date format”.

Can you walk me through how I would update MLM to the latest version on the Cloud?

Question:

My Margill Loan Manager is installed on a server on the Cloud.  It wants to have me input a path and so on, and I was not comfortable starting it. It also said to back up MLM data first, and I am not sure if that is necessary for me given that we have the server back-up every night.

Answer:

When all goes smoothly, an update should take 3-4 minutes.

If not already done, download the full update (for existing clients) at www.margill.com/get. Download from the remote server, not from your personal computer. This way, the installer will already be on the Cloud, as opposed to being on your PC.

Run the Margill Installer. It will ask for the path for the software installation. The default setting will usually be the last installation path or the C: drive which is where Margill is usually installed on the Cloud.

The Data (so where the database resides), when installed on C:\Program Files (x86) will usually be under C:\Program Data\MLM_Data.

If it is not there (as it usually should be), then an error will appear, and you will have to find the proper Data path. Search for the “DB” folder using the Windows search tool. Depending on who did the installation, data could be anywhere, so let’s hope the person who installed did a good, clean job!

ALWAYS do a backup. Everything should go smoothly with the update, but never take the chance; do a backup.

You will need basic knowledge of Windows to do this unless your paths are all properly configured.

If a client makes a payment, how do I feed that into the program?

Question:

Hi – I’ve been giving your software a trial, and really like it.

The only thing I haven’t been able to do is feed information into the ledger. For example, if a client makes a payment, how do I feed that into the program? How does it know when a payment hasn’t been made? And if someone makes a partial payment, does it automatically adjust the remaining payments?
Answer:
You will notice that when a schedule is created, the “Line status” for each line is “Due Pmt.” You then manage the payments as they are paid (or not paid) by changing this Line status to Paid, Unpaid, Partial payment, etc.

You can do this loan by loan. Or, a much much faster way, is to use the Post payment tool, probably the most important tool in software where you can batch update payments.

Post payment tool to batch update Due payments

The software usually does not recompute payments – it recomputes the interest for the remaining of the loan automatically. Fees can also automatically be added for unpaid payments for example – you create the rules (Tools > Settings > Administrator settings > Column Fees Automatic).
When a borrower does not pay, the loan will show a balance. You could also decide to recompute the payments, or you can extend the loan (after an agreement with the borrower). This can all be done with the powerful right mouse click.

Why are there two sets of Custom Fields in Margill Loan Manager?

Question:

Why are there two sets of Custom fields in Margill Loan Manager?

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