Frequently Asked Questions

We've put the most frequently asked questions here for everyone to see. If your question isn't answered here, please feel free to call and talk to one of our representatives personally.

1. What is The Exceptional Assistant?
2. What type of modules are available for TEA?
3. What types of interest calculation methods does TEA support?
4. How does TEA accrue interest?
5. There are a number of Report Templates that came with TEA. What can I do if I need a different Report Template?
6. What kind of organizations are using TEA?
7. Can TEA be integrated with my accounting software?
8. Can TEA handle loans from different loan funds?
9. What kind of technical support do you offer after I purchase the program?
10. Is it possible to "test drive" the software before we buy it?
11. We have many people in our office that would benefit from TEA. Unfortunately it is not possible to send all of them on training and it's too time-consuming to bring everyone up to speed on new software. Do you offer any training solutions that would help?
12. Our existing data is in MS Excel and Access; we'd love to use a different system but wouldn't it be too complicated to start all over with another system?

1. What is The Exceptional Assistant?
The Exceptional Assistant is a complete client, business, project and loan management system specifically designed for microcredit lending agencies, including Community Futures and Business Development organizations.      top

2. What type of modules are available for TEA? Do I need to purchase a whole package, or can I just get the modules I need?
CommonGoals offers several modules for TEA. Core modules include: Client, Loan, Business, Project, Custom Report Builder as well as a Calendar and Rolodex module. Other modules available as add-ons include: Credit, Escrow, Participation, Investor, Grant, Electronic Funds Transfer as well as two reporting modules, CDFI/CIIS and EDMIS.

TEA comes with the Core Modules noted above, however you can add on as many or as few of the additional modules that you need.     top

3. What types of interest calculation methods does TEA support?
TEA uses the common interest formulas for simple interest, compounded interest and mortgage interest. You can also download a PDF with details about TEA's interest calculation methods (53K).

Simple Interest calculation:
Interest = Principal x Annual Rate of interest x Time elapsed =x (days) / y (days in year)

Compounded Interest Calculation: Loan balances are calculated by determining the future value of the loan. The future values are calculated using the equivalent daily interest rate id.

Mortgage Interest Calculation: Future Value of Loan = Loan Amount + (Loan Amount x Id x cumulitve days).     top

4. How does TEA accrue interest?
From the last interest accrual transaction on file up to but not including transaction date.     top

5. There are a number of Report Templates that came with TEA. What can I do if I need a different Report Template?
You are not limited to the Reports that come with TEA. Anyone with a valid support contract can access a large number of reports available in our Custom Report Repository within our online support area. Also, the Custom Report Builder module gives you the ultimate flexibility to easily design any type of report that you require for your organization. All of these reports are customizable to give you the power to generate professional looking reports in just a few easy steps. View a list of sample reports in PDF format.      top

6. What kind of organizations are using TEA?
Community Futures Development Centres (CFDCs), Community Development Financial Institutions (CDFIs), Business Development Centres, Aboriginal Capital Corporations, as well as other types of community development lending agencies.     top

7. Can TEA be integrated with my accounting software?
Yes. General Journal information can be exported to several popular accounting software formats including Simply Accounting, Quickbooks, AccPac, MIP and Peachtree. If your accounting software isn't noted here, contact us to find out if TEA is compatible.     top

8. Can TEA handle loans from different loan funds?
TEA's easy- to-use Administration Module allows you to customize a variety of loan funds as required for your organization. Contact us to learn more.      top

9. What kind of technical support do you offer after I purchase the program?
We offer several different packages of varying levels of support to accomodate all of our users needs. Also, our TEA Support Team participates in regular, ongoing training sessions to make sure they are up-to-date on all of the latest software developments. See Technical Support for details or view our Support Options.      top

10. Is it possible to "test drive" the software before we buy it?
You can request a free online demo to see TEA in action, or arrange to receive a demo CD to ty out at your leisure. Arrange a Free Demo of TEA Today.      top

11. We have many people in our office that would benefit from TEA. Unfortunately it is not possible to send all of them on training and it's too time-consuming to bring everyone up to speed on new software. Do you offer any training solutions that would help?
With a typical installation, we spend about three days with an organization to ensure that the implementation is complete. This is the best time to arrange some basic training for your team. In addition, we offer a variety of online training programs throughout the year which provides you with the latest tips and tricks to make the most out of the program without the expense of travelling. On-site training sessions are also available as well as private instruction for your organization.      top

12. Our existing data is in MS Excel and Access; we'd love to use a different system but are concerned that it would be too complicated to start all over with another system.
Whether you use manual ledgers or a combination of spreadsheets and databases, we can accumulate and consolidate all the data from the various sources and create an accurate data file for your organization. Learn more about our Data Conversion capabilities or contact us to discuss your needs.      top