Article Details
Id: | 10238 |
Product: | finPOWER Connect |
Type: | NEW |
Version: | 1.06.00 |
Opened: | 25/06/2012 |
Closed: | 25/06/2012 |
Released: | 01/08/2012 |
Job: | J009890 |
Revolving Credit Loan Type Accounts; changes to Interest Only and Interest/Fee Only Minimum Payments
Changes have been made to "Interest Only" and "Interest/Fee Only" Minimum Payments for Revolving Credit Loan Type Accounts.
Revolving Credit Accounts allow Journal and Fee transactions to be "Due Immediately", and Default Interest can also be set as "Due Immediately". This means that they are included in addition to the normal Minimum Payment as payments due.
So, for example, where the Minimum Payment is "Interest/Fees only" and a fee is charged that is due immediately it should not be also be included in the Minimum Payment.