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Looking a bit different
Note the new position of the buttons at the bottom of window and the new checkbox when the guarantee amount exceeds the loan amount.
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Guarantee Number
Enter the number Of the guarantee (i.e. 1 or 2 etc.)
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In favour of whom
Complete the IN FAVOUR OF field.
The BANK NAME will complete automatically (it will duplicate the information which you have inserted in the IN FAVOUR OF field).
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To import the banking details of an attorney listed in the attorneys list in Utilities, click on the IMPORT button.
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Click on the name of the attorney in whose favour the guarantee must be.
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The details of the attorney selected will be inserted. Remember to also complete the ACB Acc Category.
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Adding Interest
Complete the rest of the open fields in the usual manner.
Tick the checkbox if this guarantee includes interest.
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Select the type of interest (simple / compounded / other)
Also select whether the guarantee will be plus interest or less interest.
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Simple Interest
(one interest rate)
Complete the fields as normal.
If the guarantee must end with “to date of payment, both days inclusive”, leave the END DATE blank.
Click on the OK button once you have completed the information.
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Once you have clicked on the OK button you will see the information on the Interest Rates screen.
You can preview the wording of the guarantee.
Click on OK once you are finished entering the guarantee.
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The first guarantee entered will show on the guarantee screen.
Click on the ADD button to enter further guarantees
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Simple Interest
(more than one interest rate)
Complete the first interest rate information as usual.
Click on the ADD button
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Complete second interest rate information and click on the OK button.
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All the interest rates added to this guarantee will show in the interest rate window.
There is no limit on the amount of interest rates that may be added to a guarantee
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Compounded Interest
Select compounded interest.
Click on the drop-down menu and select the correct option (i.e. will interest be compounded monthly in arrears or in advance or N/A)
Complete the rest of the Interest Rates fields as usual.
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Other Interest
Type the guarantee requirements into the space provided.
NOTE: Do not use this option for any online bonds
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Guarantees not payable via ACB code
Untick the checkbox for ACB Codes and complete the fields as usual
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