Revolving Credit Loan Accounts; Interest on Interest and other properties no longer overridden on an individual Account

Once a Revolving Credit Loan Account is open, the Accrued Interest Method, Interest Rounding Method and Charge Interest on Interest settings are set in concrete for its life. Moving the Account to a different Account Type does not change the saved settings - it only highlights that they are different in the Financial Page's Summary Page.

Since a Revolving Credit Loan may be open for many years, not being able to change these settings may cause issues. Currently the only way to change is to open a new Account.

Therefore, finPOWER Connect now uses the Account Type's setting, rather than an overriding setting on each Account that was saved when it was opened.

This applies to the following Interest Options:

• Accrued Interest Method
• Rounding Method
• Charge Interest on Interest

Of course, if you change the Account Type setting it will now immediately affect all Accounts that use that Account Type. Therefore, you should be careful changing the Account Type setting. You might also consider adding a new Account Type with the new settings and moving Accounts to that Account Type.

WARNING: Existing Accounts that have a different setting than their Account Type will change to use the Account Type - this may not be desired. There is a script available that highlights Accounts that have a different setting than their Account Type - check with you Dealer for more information. Note, this script must be run in a version prior to this change being made.

NOTE: It is likely that any mismatches between an Account and its Account Type are not intentional.

In addition, to reflect this change, the New Account wizard for a Revolving Credit Loan Account no longer includes the ability to alter the Interest on Interest setting.