Precomputed Interest Loans; Total Interest entered now supports rounding adjustments

Fixed Term Loan Account Types include an option to allow the User to enter the "Total Interest" value in the New Account wizard. finPOWER Connect then calculates the Interest Rate for this value.

However, depending upon the Loan characteristics, dates and values, the Total Interest value may not be solvable. This occurs because only whole dollars and cents may be used for Transactions, i.e. the Payments and Interest charges cannot include part cents.

Precomputed Interest Loans do not calculate Interest on the daily balance of the Loan, rather they charge Interest based upon the original scheduled calculations. Therefore the original schedule can be manipulated to include the rounding variance. So, Precomputed Interest Loans introduce an "Interest Rounding Adjustment" value to Interest calculations. This means the few cents difference is added to Interest charges and also Payments.

In the Account Schedule form, Summary page for Interest Transactions an information note will appear at the bottom of the Audit section to show Interest transactions that have been adjusted. In the Business Layer a new property finAccountCalcDays.InterestRoundingAdjustment holds the amount adjusted.

The following summary pages have been updated:

"SummaryPage_AccountSchedule_ScheduleSummary" has been updated to version: 1.11 on 21/07/201.