This is AccountKit’s help article for the loan calculators. See the simple loan calculator and the flexible loan calculator to see what each one is for.

This tool gives you the choice of two different loan calculators. The simple version is a client facing visual tool for demonstrating with some pretty graphics the expected loan payments where the variables are all known, except the loan repayments; The flexible version enables you to select which variable you want to solve for, then generate a loan schedule to reconcile against.

As identified above, the simple loan calculator is for a client-facing meeting where you can visually take them through the impact of taking out a loan and the rate at which the principal is paid down over the lifetime of the loan in a visual manner.

1. Start Date

This is the date that the loan will be due to start.

2. Loan Amount

This is the total amount financed.

3. Loan Term

This is the term of the loan (in years).

4. Interest Rate (%)

This is the interest rate %

5. Payment Frequency

This is how often the payments will occur.

6. Graph

Demonstrates the results of the tool via a graph.

7. Interest

This is the total interest payable over the life of the loan - calculated by the loan amount, loan term, interest rate and payment frequency.

8. Repayment Amount

This is the repayment amount that will be required to meet the loan conditions.

9. Total Repayments

This is the total repayment required over the life of the loan.

10. Share Toolbar

Refer to menus & shared elements help page.

The idea of our Loan Calculator is that advisors would use this to assist their clients when taking out finance. Much the same as the banks would do, our Loan Calculator helps you give your clients an indication of how much their repayments would be in a nice visual manner.

Step #1 - Go to the loan calculators screen, ensure you're in the 'Simple' loans tab and select the + icon "Create New Schedule".

Step #2-3 - If you wish to assign this to a client for future reference, identify the client and entered a short description before pressing "save". If you have no interest in saving the calculation, press "cancel".

Step #4 - Take your clients through the tool by completing the variables as required.

Output - Once you’ve finished, you can elect to print or save the outcome via the Action Menu.

At times you will want to output the report for printing or emailing to a client, or even collate into a broader report for a client. To get the applicable report out of the AccountKit, do as follows.

The flexible loan calculator differs from the simple calculator in that it allows you to solve for different variables, and then build a schedule from this. Great for when you have a few of the variables but need to calculate the missing pieces.

Loan Variables: Define the basic loan variables

1. Finance Type

Defines the type of finance being calculated for; This is purely cosmetic at this stage.

2. Payment Periods

Defines the frequency of payment for regular repayments

3. Compounding Periods

Defines the frequency that interest is compounded

4. Start Date

This is the date that the finance contract was signed.

5. First Payment Date

Defines when the first payment is due to be made.

Solve For: Select the applicable radio button for the variable you want to solve for

6. Loan Amount

This is the total amount financed.

7. Interest Rate

This is the interest rate.

8. No of Periods

This is the total number of payments expected.

9. Payment Per Period

This is the payment per period.

10. Residual Balance

Defines the balance or balloon due at the end of the loan.

Your Results & Repayment Schedule

11. Your Results

This shows a brief summary of the key elements of the loan for quick reference.

12. Repayment Schedule

This is the full repayment schedule over the duration of the loan.

13. Annual Summary

This tab shows a summary per financial year.

Watch the short animation below, but then follow the accompanying instructions down below.

Round up the paperwork and identify the variables that you know about ready to make a start

Step #1 - Go to the loan calculators screen, ensure you're in the 'Flexible' loans tab and select the + icon "Create New Schedule".

Step #2-3 - If you wish to assign this to a client for future reference, identify the client and entered a short description before pressing "save". If you have no interest in saving the calculation, press "cancel".

Step #4 - Take your clients through the tool by completing the variables as required.

Step #5 - Once you're happy with the figures, press "Calculate" to solve the missing variable, at which point the results will also populate.

Step #6 - Then if you're wanting a full loan schedule prepared, select the "Build Schedule" button

View Options - Switch between the repayment schedule tab and annual summary tab for a full and summarised version of the schedule.

Output - Once you’ve finished, you can elect to print or save the outcome via the Action Menu.

At times you will want to output the report for printing or emailing to a client, or even use for reconciling a loan whilst compiling the year-end tax work. To get the applicable schedule out of the AccountKit, do as follows.

Menus & Shared Elements

This support article covers all the menus and shared elements used throughout AccountKit