Overview: This article provides a step-by-step guide on how to use the Loan Automation feature in Active Workpapers. Learn how to use this tool to streamline bank loans, improve accuracy, and save time.
Note: The Loan Automation is designed to work with either the 'H11 Chattels Mortgage Schedule' or 'H25 Bank Loans' worksheet, depending on your loan type. The Automation will still run without a supporting worksheet, but in that case, you will have to add your expected balances manually. Therefore, we recommend inserting and completing the relevant worksheet first.
The Loan Automation will work through a series of steps to xxx
Begin by selecting Run on the Loan Automation of the relevant loan account. If there are multiple accounts associated with the same loan, the Automation will aim to detect those, so it doesn't matter which of the accounts you choose.
In an ideal world, the Loan Automation will run through all its steps and complete the required journals to reconcile your account balances without any intervention. However, let's take a look at the steps one by one to gain a better understanding of what is happening.