| Id: | 12547 |
| Product: | finPOWER Connect |
| Type: | NEW |
| Version: | 2.02.04 |
| Opened: | 31/08/2012 |
| Closed: | 18/12/2014 |
| Released: | 13/02/2015 |
| Job: | J010298 |
 High Importance |
|
 Breaking Change |
|
Fixed Term Loan Accounts; new option for Payments to be Fees plus Interest Only
A new option for Payments to be Fees plus Interest Only has been added for Fixed Term Loan Accounts. Note, this is similar to Interest Only Payments.
Note, when a payment is received the default allocation is to pay off all Interest Bearing Fees, Non-Interest bearing Fees and then the remainder is allocated to Interest.
This change has meant a fundamental change to the way Interest Only Payments are handled. Previously a Payment was "manually" allocated as Interest. Now, payments include additional allocation methods such as "Automatic - Interest Only", so rather than being manually allocated they are dynamically allocated when the Account is loaded.
The new allocation methods, in addition to the existing Automatic, Manual, Overidden and System, are:
Automatic - Fees and Interest Only
Automatic - Fees and Principal Only
Automatic - Interest Only
Automatic - Principal Only
Account Transaction Adjustment wizard can be used to change the allocation method for an existing transaction.
Within scripting, the Business Layer objects finBatchTransaction and finBatchBankTransactionItem include a new property "AllocationMethodPayment". This allows you to define the method the Payment transaction will use to allocate itself to balances.
The following built-in summary page scripts have been updated:
"SummaryPage_AccountArchive_ArchiveSummary" updated to version 1.06 on 19/12/2014.