Updating Payout Report

• Version 1.0

• Prepared by: @Lorraine Sebata

• Approved by: @Simon Cooper @Marcia Wilkinson

• Reviewed date: 2025-09-13

• Next review date: 2026-09-11

1. Purpose

This SOP outlines the step-by-step process for updating the company’s loan payout spreadsheet. It ensures consistency, accuracy, and compliance with financial reporting standards. By following this procedure, the company maintains clear financial records, minimizes errors, and enhances transparency in loan disbursements.

2. Scope

This process applies to all loan payouts recorded by the company. It must be completed monthly by the Accountant and reviewed quarterly by the CFO. The procedure ensures that:

• All loan disbursements are correctly documented.

• The financial records align with company policies and regulatory requirements.

• Any discrepancies or irregularities in payouts are identified and addressed in a timely manner.

• Historical payout data is consistently maintained for auditing and financial planning purposes.

3. Related Policies

• Credit and Loan Approval Policy

• Anti-Money Laundering (AML) Policy

• Customer Data Privacy Policy

• Cash Management SOP

4. Roles and Responsibilities

• Accountant: Responsible for monthly updating of the loan payout spreadsheet, ensuring data accuracy and adherence to the SOP.

• CFO: Responsible for quarterly reviews of the payout report to ensure financial compliance and reporting accuracy, and for approving any changes to the payout reporting structure.

5. Procedure: Payout Report Update

5.1 Download and Export

• 5.1.1 Access the loan software (Loan Management System - LMS) and download the payout report for the prior period.

• 5.1.2 Export the data to an Excel spreadsheet, ensuring all relevant fields are included.

5.2 Verify and Organize Data

• 5.2.1 Cross-check the exported report with the loan records in the LMS to confirm accuracy.

• 5.2.2 Organize data in a structured format, ensuring all necessary columns are present and correctly labelled.

5.3 Update the Current Payout Report

• 5.3.1 Add new payout details to the existing spreadsheet, maintaining consistency in format.

• 5.3.2 Ensure that all loans are recorded under the correct categories.

5.4 Data Accuracy and Quality Check

• 5.4.1 Verify spellings of names and financial figures to prevent errors.

• 5.4.2 Check for and eliminate any duplicate entries.

• 5.4.3 Ensure the totals and calculations align with the company's financial records.

• 5.4.4 Any anomalies, such as duplicate payments or incorrect disbursement amounts, must be flagged and investigated before finalizing the report.

5.5 Add Notes and Annotations

• 5.5.1 Include relevant notes on adjustments, reversals, or special cases.

• 5.5.2 Highlight any unusual or high-value transactions that may require further review.

5.6 Finalize and Save

• 5.6.1 Save the updated report with the correct naming format (e.g., "Loan_Payout_Report_YYYYMMDD") and date reference.

• 5.6.2 Ensure the document is stored securely in the designated financial records folder, following the company's data protection policies.

5.7 Submit for Review

• 5.7.1 Notify the CFO that the report is ready for quarterly review.

• 5.7.2 Be available to clarify any discrepancies or answer any questions that may arise.

6. Documentation and Forms

• Loan Payout Spreadsheet (Excel)

• Loan Management System (LMS) Records

7. Training

All Accountants involved in the payout report update process will receive mandatory training on this SOP and related policies.

8. Review and Revision

This SOP will be reviewed annually by the Finance Department to ensure its continued effectiveness, compliance, and alignment with business objectives. The CFO must approve any changes to the payout reporting structure before implementation.