Article Details
| Id: | 17315 |
| Product: | finPOWER Connect |
| Type: | FIX |
| Version: | 3.03.03 |
| Opened: | 21/08/2020 |
| Closed: | 11/09/2020 |
| Released: | 01/10/2020 |
| Job: | J024885 |
 High Importance |
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Account Close "NZ CCCFR Formula 1" Loss Formula; various tweaks
Several additional tests have been added to the "NZ CCCFR Formula 1" Loss formula calculation to make it more robust and fit the criteria for when it should be used.
- A loss cannot be claimed if you can lend out money at the same or higher Interest Rate. Therefore a specific error message has been added to recognise this.
- The NZ CCCFR Formula 1 requires payments of equal amounts made at equal intervals.
- Additional information has been added to the message shown - "The NZ CCCFR Formula 1 requires payments of equal amounts made at equal intervals.".
- Additional checks have been implemented:
- The Final Payment cannot be more than 2 times the number of payments (in cents) different from the Regular Payment. E.g. if there are 52 payments the final payment cannot be more than $1.04 different than the regular payment.
- The Account cannot have a future dated Payment Standard Transaction.
- If there are Fee, Journal or other future dated Standard Transactions the Loss formula fails.
- The NZ CCCFR Formula 1 does not cater for such scenarios as the regular payment will be paying interest and other fees.
- If there are Transactions dated after the Close Date the Loss formula fails.