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      Manually Importing Loans into Bryt
      • 07 Feb 2025
      • 8 Minutes to read
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      Manually Importing Loans into Bryt

      • Updated on 07 Feb 2025
      • 8 Minutes to read
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      Article summary

      As you begin importing your loans from a previous system into Bryt, there are a few options available to you.

      If you need to preserve historical payment dates, including missed payments and accrued balances, you will need to enter the loan’s original closing date and manually record past payments. This can be a time-consuming process, especially for loans with extensive payment histories.

      In this article, we will address alternative options that will allow you to enter your loans without needing to record years’ worth of payments; using a December closing date or using a prorate period.

      Note

      When setting up the loan using either option below, you will see a preview of the loan’s schedule during the loan wizard process to see if it matches your desired schedule before setting your loan into a state of “In Service”. 

      As you work through setting up your loan, you may encounter some discrepancies with desired values (e.g. payment amounts, interest due amounts, etc.) If you need assistance setting up your loan, please reach out to support@brytsoftware.com with loan details. 

      Certain information will not be recorded in Bryt and thus not available for reports, Custom Document variables, Notices variables, etc. Such information may include the original closing date, number of missed payments, accurate payment history on the loan’s schedule, the true number of payments (i.e. “Term”), etc. You can create a custom user field and use that as a custom variable data item for Custom Documents.

      Should your loan have an outstanding balance that needs to be accounted for, consider reviewing the following article: Adding Initial Balances to Loans
      This article outlines how to add outstanding balances such as outstanding interest and outstanding late fees.

      Consider reviewing the following articles to learn more about the loan wizard process in Bryt:

      1) December Closing Date


      The December Closing Date option provides a straightforward way to import a loan into Bryt without the need to manually enter historical payments, offering an efficient alternative when dealing with extensive loan histories. This option allows you to set the loan’s closing date to December in the previous year, making the first payment due in January of the current year. However, it’s important to understand that while this simplifies the setup process, it does not capture the loan’s full history, such as missed payments or the complete number of terms. 

      To import a historical payment data file from another system, use the ‘Add File’ button under the loan’s Documents tab to upload your exported data–this allows you to reference and store historical payment data in Bryt. 

      How This Works:
      When using the December Closing Date option, the goal is to simplify the loan setup process by creating a “clean” starting point for the loan in Bryt. By setting the loan’s closing date to December of the previous year, you align the loan’s schedule with the current year’s tax reporting period. This first payment due date will then be set to January of the current year, which makes the process more efficient without the need to manually record years of payment history.

      Key Data Points Needed: 

      • Loan Amount: The loan’s principal balance as of December of the prior year.
      • Closing Date: The closing date that would be one month before the first payment date in Bryt, i.e. 12/01/2024 for a payment due 01/01/2025.
      • Terms: The number of payments remaining after the prorate period ends.

      Setup Example: 

      In this example, our loan originally closed with a balance of $20,000, a 72-month (72-term) repayment schedule, and a maturity date of 01/13/2030. We are entering this loan in the year 2025. We know the following:

      • Loan Amount: $16,440.00
      • Closing Date: 12/13/2024
      • Terms: 61

      Step 1: “Loan Details” page

      • Enter $16,440.00 in the “Loan Amount” field.


      Step 2: “Interest Accrual Information” page

      • Select the appropriate “Payment Frequency” and interest calculation settings (Periodic/360, Actual/360, Actual/365, etc.).
      • Note: Incorrect settings here may result in mismatched interest dues later on.

      Step 3: “Closing Date and Term Information” page

      • Enter 12/13/2024 for the “Closing Date”.
      • Enter 61 in the “Term” field to account for the payments remaining after December 2024.



      Step 4: “Prorate Settings” page

      • This process doesn’t require any changes to this page.

      We recommend reviewing this preview schedule as this will confirm if the correct number of terms was entered to reach the desired maturity date.


      Step 5: “Interest Rate, Amortization, and Payment Information” page

      • Enter the loan’s interest rate.

      In this example, under the “Payment Option” section of this page, the number under “Amortization” will match the number of terms entered, 61. By default, Bryt will match the “Amortization” value to the “Term” value.

      Note: If in your example, the “Payment” amount does not match, you can enter the desired principal and interest repayment amount in the “Fixed Payment” field.

      Step 6: Loan Repayment Schedule Information” page

      • A preview of the loan’s remaining schedule will be available for review before proceeding. 

      Step 7: “Late Fee Setup” page

      • Select the corresponding late fee calculation method.

      Final Step: “Loans / State Selection” page

      • Select “Put Loan In Service” if you are satisfied with the loan schedule and are ready to service the loan.
      • Select “Keep Loan Pending” if you are not ready to service the loan.

      Summary:
      This option offers a quick and simple way to start fresh in Bryt. By setting the loan’s closing date to December of the previous year, you can begin recording payments from January of the current year. This ensures tax forms like 1098/1099 are generated accurately. However, the loan’s original closing date and historical payments will not be fully captured in Bryt, unless you upload a historical payment file for reference.

      • Pros: Fast setup, and accurate tax reporting for the current year.
      • Cons: The original closing date is not reflected in reports or notices, and detailed payment history isn’t available in the loan’s schedule. 

      Should you run into issues during this process, please contact support@brytsoftware.com

      2) Using a Prorate Period


      The Prorate Period option allows you to enter a loan with its true closing date while avoiding the need to manually record years of historical payments. This method ensures that future payments and interest accruals are accurate from the current year forward. 

      To import a historical payment data file from another system, use the ‘Add File’ button under the loan’s Documents tab to upload your exported data–this allows you to reference and store historical payment data in Bryt. 

      How This Works: 
      Using a prorate period allows you to summarize the loan’s prior payment history into a single entry. You will manually enter the total interest already paid as a mixed amount in the prorate period. To account for principal paid, you will overpay the prorate period by the total principal amount previously paid. This process sets the loan’s balance as of the current year allowing the schedule to continue accurately from that point.

      Key Data Points Needed: 

      • Loan Amount: The full, original loan amount at disbursement
      • Closing Date: The original date the loan was funded.
      • Terms: The number of payments remaining after the prorate period ends.
      • Total Interest Paid: Sum of all interest payments made before the current year
      • Total Principal Paid: Sum of all principal payments made before the current year.

      Setup Example:
      Let’s set up the same loan from the previous example, but this time using the Prorate Period method.

      • Loan Amount: $20,000.00
      • True Closing Date: 01/13/2024
      • Total Interest Paid (through Dec 2024): $3,600
      • Total Principal Paid (through Dec 2024): $3,560
      • Remaining Terms: 61 (payments remaining after the prorate period ends.
      • Ending date of Prorate Period: 12/12/2024 (this ensures a prorate due date of 12/13/2024).

      Step 1: “Loan Details” page

      • Enter $20,000 in the “Loan Amount” field.


      Step 2: “Interest Accrual Information” page

      • Select the appropriate “Payment Frequency” and interest calculation settings (Periodic/360, Actual/360, Actual/365, etc.).
      • Note: Incorrect settings here may result in mismatched interest dues later on.

      Step 3: “Closing Date and Term Information” page

      • Enter 01/13/2024 in the “Closing Date” field to reflect the loan’s true disbursement date.
      • Enter 61 in the “Term” field to account for the payments remaining after December 2024.


      Step 4: “Prorate Settings” page
      This is the most critical step in this process.

      1. Select ‘Yes, the first period is a partial period. I will enter a manual amount’.
      2. Enter 12/12/2024 for the Ending Date of the Prorate Period.
      3. Select ‘At the End of the Prorate Period’ under Collect First Prorate Payment.
        1. This makes the prorate payment due on 12/13/2024, allowing regular payments to begin on 01/13/2025.
      4. Enter $3,600 in the Manual Prorate Amount field to reflect the total interest paid before December 2024.


      Step 5: “Interest Rate, Amortization, and Payment Information” page

      • Enter the loan’s interest rate.
      • In this example, under the “Payment Option” section of this page, the number under “Amortization” will match the number of terms entered, 61. By default, Bryt will match the “Amortization” value to the “Term” value.

      Note: If in your example, the “Payment” amount does not match, you can enter the desired principal and interest repayment amount in the “Fixed Payment” field.

      Step 6: “Loan Repayment Schedule Information” page

      • A preview of the loan’s remaining schedule will be available for review before proceeding. 

      Step 7: “Late Fee Setup” page

      • Select the corresponding late fee calculation method.

      Step 8: “Loans / State Selection” page

      • Select “Put Loan In Service” if you are satisfied with the loan schedule and are ready to service the loan.
      • Select “Keep Loan Pending” if you are not ready to service the loan.

      Final Step: Recording the Prorate Payment

      • Once the loan is set to “In Service”, you will record the prorate payment. To accurately reflect principal paid, overpay the prorate amount by the total principal previously paid.
        • Total Payment Amount for Prorate Period = Total Interest Paid + Total Principal Paid
        • In this example: $3,600 (interest) + $3,560 (principal) = $7,160 total prorate payment.

      This ensures the loan’s balance is correctly reduced to reflect payments made before the current year.

      Summary: 
      This setup option allows you to retain the loan’s original closing date and summarize historical payments in a prorate period. You manually enter the total interest paid and adjust the payment to reflect principal paid. This ensures the loan’s balance is accurate while avoiding the need to input every historical payment.

      • Pros: Maintains original closing date, summarizes historical interest and principal in a single entry.
      • Cons: Requires more manual calculation, and some historical details (missed payments, true term) won’t be reflected in reports unless added as custom fields or with additional workarounds.

      Should you run into issues during this process, please contact support@brytsoftware.com

      If you’d like for the Bryt team to import your loan data, including contacts, loan configurations, and loan payment data, please reach out to Sales at sales@brytsoftware.com to get a quote. 

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