Article Details
Id: | 9077 |
Product: | finPOWER Connect |
Type: | NEW |
Version: | 1.04.01 |
Opened: | 08/08/2011 |
Closed: | 08/08/2011 |
Released: | 31/08/2011 |
Job: | J007936 |
Fixed Term Loans; new option to align first Interest date to the first Payment date
Fixed Term Loans have a new option to align the first Interest date to the first Payment date. This makes it easier to handle loans where the first payment date is non-standard and Interest is aligned to Payments.
This option is configured under Account Types, Interest page and would normally be used in conjunction with the "Update Interest Cycle from Payment cycle?".
When checked the first Interest date will be aligned to the first payment date. Interest is actually charged to the day before the Payment is due.