Account processes; may fail with an error "Failed to calculate Minimum Payment for Statement"

Running Account Processes may result in one or more Revolving Credit Loans failing to process.

The error is "Failed to load Statement for Account. Failed to calculate Minimum Payment for Statement. Transaction found that has not yet been posted to the Account.".

The issue is because a Minimum Payment Adjustment is being added then subtracted over and over – meaning every time the Financial Schedule is calculated there is a new adjustment. Statements have a protection, which the message highlights, in that if there is a transaction on the schedule dated on/ before the statement end date that has not been processed it aborts.

To explain, here is an example:

Situation A

Payment dated 17/6 was being "re-dated" to 15/6 – because a payment due of $100 is within the grace days.

This meant the 30/6 Interest was recalculated. Since an Interest was charged the "DateBackdatedTo" date on the Account was reset to Nothing.

Situation B

Since the "DateBackdatedTo" is Nothing, the Payment dated 17/6 is not re-dated to 15/6.

This then means the Contractual Overdue balance is $100.00 – after all the Balance Adjustments. So, finPOWER Connect tries to undo some of the previous balance adjustments that have been made – e.g. as might occur if one of the earlier payments was reversed.

So, Account Processes processed a Balance Adjustment which set the "DateBackdatedTo" (no Interest recalculated so not set to Nothing).

So, the Account would flip flop between the two situations creating more and more transactions, and causing the error seen.