Deposits; Interest Payment Type change now allows Interest to be capitalised

After changing the Interest Payment Type for a Deposit Account from Compound to Payout/ Transfer the first payout (or transfer) pays out the entire Interest Balance - this is correct and as designed.

A Balance Adjustment, made immediately after the Payment Type change, could be made to capitalise the Interest to Principal - if this is preferable.

This is now built into the Account Interest Payment Change wizard. If the Payment Type is changing from Compound and the Interest Balance is in Credit a new section shows the Interest Balance and includes a checkbox to capitalise Interest.

Note, the adjustment is to Principal Interest Bearing or Principal Non-Interest Bearing, depending on whether Interest is charged on Interest.

In addition, the finPOWER Connect Business Layer allows greater flexibility, in that the value to capitalise to both Interest Bearing and Non-Interest Bearing Principal can be defined.