| Id: | 22257 |
| Product: | finPOWER Connect |
| Type: | FIX |
| Version: | 6.00.02 |
| Opened: | 24/09/2025 |
| Closed: | 25/09/2025 |
| Released: | 11/12/2025 |
| Job: | J036031 |
 High Importance |
|
Interest in Advance; Adjustment Calculation corrected when using Annualised Interest
When using an Interest in Advance Account Type configured with an Interest Calculation method of Annualised, any adjustments posted to the Account (for unscheduled transactions) did not calculate using Annualised, but instead Actual/365 which was incorrect.
This has been fixed, and now the adjustment interest for unscheduled transactions will be calculated using Annualised, if that is what the Account Type is configured to use.
Note: As per regular interest calculations, finPOWER Connect will fall back to using Actual/365 if the interest period is not a full period. Take for example:
- Opening Date: 15/09/2025
- First Interest Date: 25/09/2025
- Interest Charged: Monthly
- Interest Calculation Method: Annualised
In this example, the first interest period will be 10 days (15/09 - 25/09), because this is a non-standard period (as any subsequent interest period will be a month), the Interest Calculation method will be Actual/365 for the first 10 day period, and then start using Annualised for any subsequent periods.