Lending Core integrated with FinancialForce.com (FFA)

With the release of the Lending Core – FFA integration package, Cloud Lending Inc.’s applications are now FinancialForce.com ready. This integration makes it possible for our customers to use...

Snehal Fulzele 27th December 2013

With the release of the Lending Core – FFA integration package, Cloud Lending Inc.’s applications are now FinancialForce.com ready. This integration makes it possible for our customers to use our applications in conjunction with FFA, the #1 accounting system on Salesforce.com™. As a result, the complete IT infrastructure of a lending institution can now be on the cloud. Lending Core automatically generates GAAP compliant journals in FFA for all loan based events such as loan repayments, funding’s, fee payments and interest accruals.



Lending Core integrated with FinancialForce.com



The following journals are created:



Loan disbursement

Each disbursement creates a single Journal. Most of them will have two lines – One debit and one credit.



Fee payments

A single journal is created after each payment.



Loan repayments

A single Journal with five lines is created with each repayment. The total amount is split into principal, interest and fees.



Interest accrual

This is a single Journal generated on a daily basis by a scheduled batch process. It is used to track running totals per GLA (General Ledger Account).



Each day a journal is created with:

  • One debit line per “interest receivable” GLA (General Ledger) linked to a “loan product”
  • One credit line per “interest income” GLA linked to a “loan product”
Additionally, each day the totals from the previous day’s journal needs to be reversed. The process can be described as follows:
  • Obtain the previous “accrual” journal
  • Create a new journal with lines reversing the original one
  • Add new lines with today’s totals
  • Explain (tag) the lines that are reversals


Additional information

The integration with FFA is complete with validation and error logging to help fool-proof the system and help the users resolve a validation failure respectively. For more details on the integration visit our wiki site: http://bit.ly/19m9LLj

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