Kevin Hamilton and Adam Moua from the FINPACK Support Team answer some frequently asked FINPACK questions.
How do I refinance Current loans?
Kevin: Current loans are refinanced in FINPACK through the same method as Intermediate and Long-Term loans, but with one exception – no entry needs to be made in the refinanced loan(s)’ Amount from Refinance detail item(s).
How do I enter a sold asset with an outstanding loan in a cash flow?
Adam: This is accomplished in three steps: 1) Enter the sale of the asset as a Capital Sale within the cash flow. The cash generated from that sale can then be used to pay off (or down) the loan in Loan Payments (Monthly with/without Budgets) or Loan Payments and Borrowings (Annual) sections. 2) In the monthly cash flow, click on the detail of the month that corresponds to the month of the sale of the asset, then enter the sale amount of the asset to pay off the loan (if paying down the loan, add it to the existing payment for that month). In the Annual cash flow, click on the P & I Payment detail to enter the sale amount of the asset in the same fashion as mentioned for a monthly cash flow. 3) Finally, enter the sale amount in Amount from Capital Sales (the corresponding month’s detail) or Amount from refinance, capital sales, etc. (detail of Annual P & I Payment) to get the correct Debt Coverage Ratio.
How do I download a file from FINPACK+
Kevin: Have someone with the Organization Admin role go to Organization Settings under Admin, set the ‘Launch Credit Analysis Preference’ to Allow the User to Choose, then click ‘Save Changes’. Next, the user who will be downloading the file needs to change their personal ‘Launch Credit Analysis Preference’ to Choose when creating/checking out Credit Analysis/FINPACK file (Admin > User Settings); click ‘Save Changes’ when done. The user, after clicking ‘Check Out this File’, will now have the option of selecting which method to access the Credit Analysis file – through FINPACK+ (‘Web browser’) or through the local version of FINPACK (‘Local file’). Clicking ‘Local file’ will open the file locally, with all FINPACK functionalities, on the user’s computer.
What is the difference between ‘Debt Payments’ and ‘Loan Payments’ in a cash flow preview?
Adam: In any cash flow’s Debt Coverage section of the Executive Summary, there is a line item named ‘Debt Payments’, which displays Total Debt and Term Debt. Paging farther down the cash flow preview is the Loan Payments section, which lists all the cash flow’s loans – current, intermediate, and long-term. When you sum the intermediate and long-term loan payments in this section, you get the Term Debt in Debt Payments. Adding the interest from the current and annual operating loans to Term Debt gives you the Total Debt in Debt Payments.
How do I create a backup file in FINPACK?
Kevin: There are two ways to create a backup file in FINPACK – 1) click the checkbox named Backup data file at close in Tools + Options + General or 2) while in a file, click File + Backup. Both options allow you to choose, in your computer’s File Explorer, where to place the .ZIP file; option 1 will always display the backup window when you close FINPACK.
I was able to see my Collateral Analysis preview, but now am not; what happened?
Adam: The last FINPACK release version — 6.4.7 — included a correction to the Default Output Options (Tools + Options + Default Output Options) for Collateral Analysis. This correction set the checkbox for the Collateral Analys output option to ‘off’. To reset that option back to automatically previewing the Collateral Analysis, simply go into Default Output Options, check the box for this output option to ‘on’, then save your change (Note: FINPACK+ users will also need to check in that change). You can read more here.
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