Article Details
| Id: | 10351 |
| Product: | finPOWER Connect |
| Type: | FIX |
| Version: | 1.06.00 |
| Opened: | 25/07/2012 |
| Closed: | 25/07/2012 |
| Released: | 01/08/2012 |
| Job: | J010077 |
 High Importance |
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Revolving Credit Loans; "Interest Only" and "Interest/Fees Only" Minimum Payment basis not working when reversed transactions
The "Interest Only" and "Interest/Fees Only" Minimum Payment basis for Revolving Credit Loans does not work correctly when reversed transactions occur on or prior to the Statement date.
The "reversed" Interest or Interest and Fee type transactions were not included in the Minimum Payment, but the recharged transactions were. This resulted in the Minimum Payment being incorrect.
Note, the Financial Schedule may look correct, but when Statements are processed the issue occurs.
To recreate, backdate a Transaction which forces Interest to recalculate. Run Account Processes, unchecking Statements. Then review the Account's financial Schedule or run Account Processes again.