Create a Company

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Create a Company

One default company is created at the time of implementing CL Loan. Depending on your business, you can create additional companies or branches of the parent company.

A company needs to be mapped to a location, which includes a location name, city, state, zip code, phone and address. Similarly, a company must have a bank account mapped to it for accounting purposes and therefore, the field, Company’s Bank, is mapped to a bank.

Prerequisites

The following are the prerequisites to creating a company:

  • A location is created.
  • Bank information is set up.
  • GL accounts are created.
  • User is a system administrator or has permissions to edit the Company object.

Steps

Perform the following steps to create a company:

  1. Log in to your Salesforce account.

  2. Click Servicing Configuration.

  3. Go to User And Data, Company Management.

  4. Click New Company.

    The New Company page is displayed.

  5. In the Information section:

    1. Specify a name for the Company.

    2. Select the Location.

    3. Specify the Parent Company in case this company is a branch of a company.

      Note:

      Specify the parent company to link the company name with the parent company. 

    4. Specify the Short Name.

    5. Specify or click the lookup icon to select the Type.

    6. Select the Status.

    7. The Is Branch field is selected by default. This field is deprecated, and you do not need to select any value. On saving the details, the system considers this value to be set as True.

  6. In the Accounting section, specify the following GL account numbers:

    1. Cash Account. This is the cash general ledger account number.

    2. Profit and Loss Account.

    3. Inward Check Clearance Account.

      Note:

      Select a GL account which has the Is Master checkbox selected, to indicate a master GL account and not one that may have been created for a specific branch.

    4. Bank Account (Operations)

    5. Bank Account (Checks)

    6. Outward Check Clearance Account.

  7. Specify the Current System Date. In a production system, this is the same as the calendar date.  

  8. Specify the Company's Bank.

  9. Specify the Mark Suspended After Days. If a borrower is not paying on time, the loan contract may be suspended after these many days.

    Note:
    • In Mark Suspended After Days, you can define the number of days overdue after which a loan account is suspended.
    • Cloud Lending Solutions follows Accrual based accounting.

  10. Specify the Write off Suggestion Days. If a borrower has not paid for these number of days, the loan becomes a candidate for automatic write off.

    Note:
    • In Write Off Suggestion Days, you can define the number of days overdue; after which the system automatically writes off the overdue loan accounts. 
    • This occurs when the Number of days overdue is ≥ Write-off suggestion days as defined here.

  11. Click Save.

    The new company is created and displayed in the New Company page.