New data, from an external FINPACK Credit Analysis file can be imported into your institution’s FINPACK+ Credit Analysis file for a customer. This feature allows you to add information, like a balance sheet or cash flow projection, into an existing Credit Analysis file without overwriting the remaining contents of the file. The import process in FINPACK+ utilizes the Working Folder as part of the process.
An example of when to use this feature is a lender wanting to import a Detailed Balance Sheet already completed by an outside consultant or the customer. By importing the data, the lender adds this information automatically to their Credit Analysis file. The balance sheet data, in this example, does not need to be re-keyed and all of the existing information in the customer’s file will remain intact. The historical reports for the customer will not be changed, like Presentations, Collateral Analysis, Risk Reports, etc.
When importing a statement that includes other FINPACK components, it is important to note the components used by that statement will also be imported. For example, when importing a Monthly Cash Flow Projections with Budgets (FINFLO), the Detailed Balance Sheet, and Crop & Livestock Budgets tied to the FINFLO are also necessary to import and this will happen automatically. This holds true for any Financial Analysis, Projection, or Credit Analysis information imported into the particular FINPACK Credit Analysis file. Therefore, it is a best practice to import the statement that includes multiple components and do not individually import all components.
Importing data into a FINPACK+ Credit Analysis file is different than uploading an existing Credit Analysis file for the customer. The Import feature is used to bring pieces of information into your established Credit Analysis file for a customer. Uploading an existing Credit Analysis file is used when first creating a Credit Analysis file in FINPACK+. Here, all of the data from the existing FINPACK file is uploaded into FINPACK+.
Visit the FINPACK Knowledge Base to read economist Pauline Van Nurden’s detailed step by step guide to the process, and for other white papers and guides to help you get the most out of FINPACK+!
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Pauline Van Nurden is currently the Associate Director for the FINPACK Team. She has been with the team since 2017 as an Economist.
Prior to joining the FINPACK Team, she worked as a lender. This provides her valuable industry experience and knowledge in her work with FINPACK. Pauline holds a Master’s Degree in Agricultural Education and Bachelor’s Degree in Applied Economics, both from the University of Minnesota.
David Maguire helps Ag and Commercial lenders across the country understand the value of using FINPACK for credit analysis and loan management. David has worked in the marketing, training and education fields in Minnesota, Ireland and Germany.