| Id: | 12555 |
| Product: | finPOWER Connect |
| Type: | NEW |
| Version: | 2.02.04 |
| Opened: | 21/07/2014 |
| Closed: | 07/01/2015 |
| Released: | 13/02/2015 |
| Job: | J013655 |
 Breaking Change |
|
Close Accounts wizard; complete overhaul of methodology behind write-offs
The Close Accounts wizard and corresponding Business Layer object finAccountAutomaticClose have been overhauled. This is mainly to take into account Credits./ Rebates, Loss on early close and additional fees. The wizard is now a way of obtaining a list of accounts that require attention, from which you will drilldown and individually process each Account Close or Write-Off.
There are new options for "Post Maturity" Loans. You may now include "Accounts with a zero net Balance", meaning those Loans that have completed normally and been fully paid off. In addition there is an option to include Loans that have a Residual Value and are post maturity.
In the Close Accounts wizard only "Pending Close" Accounts and "Post Maturity Accounts with a zero net balance" can be automatically closed. Other Accounts are displayed, but must be closed via the drilldown to the Account Close wizard. This means credits/ rebates, losses and fees are taken into account.
There is a new Close option "Charge and Write-Off". This will open the Account Close wizard to allow you to charge the accrued Interest, but also make a write-off/ rounding adjustment to clear the Account. This is different from a straight Write-Off where no accrued interest and fees are charged.
The following built-on summary pages have been updated:
"SummaryPage_AccountAutomaticClose_CloseSummary" has been updated to version 1.04 on 7/01/2015.
WARNING: This may break existing scripts using the finAccountAutomaticClose object.