Interest Calculations; Base value that Interest is calculated on is now adjusted for negative Non-Interest bearing balance (and negative Interest balance if Principal Only)

Where the Non-Interest bearing Principal or Fee balance is negative, or Interest is not charged on Interest (ie Principal Only) and the Interest balance is negative the Interest calculated is overstated.

This occurs because the Interest Bearing balance is overstated compared to the overall Account balance.

Note, this situation will normally only happen when a transaction, Payment or otherwise, is manually allocated and this forces the balances into negative.

finPOWER Connect now makes an adjustment for these situations. Interest audit information now tracks that an adjustment has been made.

On summary pages for Interest audit information a warning is given if the Interest base value has been adjusted. In addition, the negative balance(s) are highlighted in red. This include Transaction and Schedule summary information.

Also, the Account form, Financial Page, Balance Allocation Breakdown block includes a warning if the Balance is positive by any of the amounts is negative (or vice versa).