October 2022

Exciting additions and improvements have been made to the Woodcore product ecosystem such as Viewing and Creating Loan Guarantors, Viewing all of a teller's transaction history and we also worked more importantly on role selection for newly created users to safeguard you better, and lots more!!.

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🎉🎉 New Features

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Loan Guarantors: View & Add Guarantors

A loan guarantor is an individual who agrees to repay a client's overdue loan in the event that the client defaults on their loan obligation. One or more guarantors can be added to a client's loan account. Guarantors may be but are not required to be clients on the Woodcore console.

We have made it possible for users to add both internal and external guarantors to existing loans (running loans). Internal guarantors are regarded as other clients with savings accounts on the Woodcore console. Adding an internal guarantor implies that their savings account would be linked to another customer's loan account.

On the other hand, an external guarantor is someone who does not have an account on the Woodcore CBA, they are mostly regarded as foreign clients.

The process to create and view loan guarantors is highlighted below:

1. Select the client

2. Navigate to the Loan Tab of the client profile and select on an Active loan.

3. Click on the Take Action button

4. Click on the Add Guarantor or View Guarantor buttons.

Next, you can select either View Guarantor to view the guarantor attached to the loan account or you can select Add Guarantor to create a new guarantor for the loan.

5. Input the required details for the Internal Guarantor and also if you're creating an External Guarantor, fill in the required details.

Creating an External Guarantor is illustrated below:

6. Finally, click on the Submit button to create the guarantor. After the details are save successfully, you can then click on the View Guarantor button.

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🚀 Improvements

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Restructure the role selection feature during new user creation and when editing the user's profile.

We've improved the user interface of the console such that an admin user is now able to easily select multiple roles within a modal during the creation of a new user.

Navigate to the User & API Mgt tab of the Users module on the console and click on the New User button.

Next, fill in the required details and click on the select roles button

Click on the Done button to save the changes.

Teller UI: View all transaction History

All of a teller's transaction history can now be viewed in descending order on a paginated format i.e the most recent transactions appear on the first page while older transactions can be found on the older pages.

Log into the Teller UI with your correct details and select Transactions from the navigation panel. On the transactions page, proceed to click on the View all transactions button as shown below:

The next page displays all the teller's transaction history. You can proceed to use the pagination on the bottom right corner of the page if more than 10 transactions exists.

Reversing transactions between a customer's account and a GL account

Reverse Account to GL transactions such that both the customer's account balance and the GL account balance are affected to show the reversal. This implies that after performing a reversal on account to GL entry transactions, both balances of the customer's account and the GL account are affected.

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Please note that the reversal can only happen once for a particular savings account to GL account transaction.

Let's simulate this process in the following steps:

1. Navigate to a customer's account and select a deposit account to check the initial account balance.

2. Navigate to Account Entries in the Accounting tab of the console to perform an account to journal entry transaction.

3. The initial transaction receipt of the performed transaction is shown in the image below:

Also, the new account balance is shown below:

4. The next step is to search for the performed account-to-journal entry from the Search Entries tab in the Accounting module in the navigation panel with the transactionId and other necessary search parameters.

5. Select the transaction

6. After selecting the transaction, the transaction receipt is shown as seen below:

7. Click on the Reverse button as shown in the image above and input a comment to submit the reverse transaction.

8. The transaction has been reversed successfully as shown below:

9. The final step is to confirm the account balance to be sure its back to the previous balance before the initial account to journal entry transaction

Important: Please note that the reversal can only happen once for a particular transaction.

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⛏ Fixes

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Account Statement: No Narration for Disbursed Loans to Link Savings Account and Loan Charges Fixed

Previously, the account statement generated for a savings account linked to a loan did not have a narration for the transaction. The same also applied to the loan charges.

However, we've implemented a fix such that if a loan disbursal happens to a savings account, or a loan charge is being paid to the savings account linked to the loan, there would be a narration for this transaction on the account statement. This fix helps with visibility and provides more information about your loans.

Below, a typical account statement for a savings account linked to a loan shows the loan disbursement narration and also the charges narration.

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