Element Credit/ Rebates; new options to fine-tune the start/ end dates when calculating the credit

Under Elements; Credit/ Rebates page there are two new settings for both "Credit (rebate) calculation method" and "Credit (rebate) calculation for Refinances".

Credit/ Rebate calculations work by calculating the remaining period/ portion of an overall period/ value and therefore to calculate the overall period the Start and End dates need to be defined. This applies to "Rule of 78", "Proportional", "Proportional Daily" and "Proportional Monthly" Credit methods.

• "Start Basis" defines the date that is used as the Start Date. It may either be the original Account "Opening Date" (the default) OR the "Transaction date".
• "End Basis" defines the date that is used as the End Date. It may either be the original/ last Restructured Maturity date "Transaction Maturity" OR the "Current Maturity" date (the default). Note, Transaction Maturity is the Maturity date of the Account when the Transaction was created.

The default "overall period" is therefore from the Account's Opening Date to the Current Maturity date.

In the Close Account wizard, Credits (Rebates) page, additional information is shown. The summary grid now includes an optional Date column, shown if only one transaction for that summary row. The Summary Page now includes the "Date", again if only one transactions for the summary row. The Credit Notes display based upon the new options.

In addition, the finPOWER Connect Business Layer includes new Properties on finAccountCloseSummaryItem:

• Count
• DateStart
• DateMaturity
• FirstTransactionDate (compliments LastTransactionDate)

These can be used in scripting to further fine-tune calculations.

The following standard Summary Page block has been updated:

"AccountClose_SummaryCredits" has been updated to version 1.01 on 20/09/2016.