Account Floating Interest Rate changes; better handling of where a Rate change occurs during a Fixed Interest Period

For Floating Interest Rate Accounts, if a change is made to the Base Interest Rate, the Floating Interest Rate change process can neatly handle updating affected Accounts.

Where a Loan Account is currently in a Fixed Interest period, the new Floating Interest Rate does not take effect until the Floating Interest Rate period begins.

To highlight this better the following changes have been made:

• Account Review Pending Floating Interest Rates wizard
• A new column "Starting" has been added
• This will be populated if the actual start date of the change is different from the effective date

• Account Log
• The Account Log created now stores "DateStarting" in Extended Data
• This is the Starting Date the change will come into effect, taking into account a Fixed Interest Period

• Sample Account Payment Revision Advice
• This document now prints the Starting Date instead of the Effective Date

The following sample Word Document Template has been updated:

• APRA - Sample Account Payment Revision Advice
• Account_PaymentRevisionAdvice.xml
• Version: 1.03 (11/10/2022)

DISCLAIMER: As per your Software Licence Agreement, before using sample Documents it is your responsibility to make sure the sample Documents are fit for the purpose and work as required and shall, as necessary, seek independent professional advice from sources such as Lawyers, Accountants and Government Agencies.