| Id: | 9114 |
| Product: | finPOWER Connect |
| Type: | NEW |
| Version: | 1.04.01 |
| Opened: | 04/08/2010 |
| Closed: | 25/08/2011 |
| Released: | 31/08/2011 |
| Job: | J006016 |
 High Importance |
|
Comparison Rate (BETA); added new facility to calculate and display a Comparison Rate for Fixed Term Loans
This new functionality is primarily designed for the Australian National Consumer Credit Protection (NCCP) Act Comparison Rate requirements.
Note, this functionality is still BETA, and therefore you should use with caution and check that the calculated Comparison Rate matches your expected result.
The new functionality applies to Fixed Term Loans.
Configuration
On the Account Type form, Interest Options page there is a new section that allows you to set the Comparison Rate options. These include the Type, the digits to round to and the Maximum Rate. In Australia set to "Australian NCCP", 2 and 48%. Note, if the type is "None", the default, the comparison rate is not calculated or shown on the Account.
Elements. Advance, Deposit and Refinance types as always treated as Capitalised Principal. However, for Cost, Fee and Journal types you can define whether or not the element is capitalised to Principal. Normally this only applies to government fees. In addition, if capitalising, you can define the Regions (ie States in Australia) this applies to, eg a fee could apply to only NSW.
There is a optional script that is defined under Account Types. The Script should be an "Object Event" for object "Account" and should handle the "CalculateComparisonRate" event.
Usage
When entering a New Loan the Financial page summary will show a new Comparison Rate block. This displays the calculated Comparison Rate and Maximum Rate, as defined on the Account Type, as well as a warning if it exceeds the maximum.
Account Warnings includes a new fail warning if the Maximum Rate is exceeded. Note, you have to add and configure the Account Warnings script for this page to show.
Quotation documents include a new section showing the Comparison Rate.
On an existing Loan the Comparison Rate is shown on the Financial Page, "Opening" row. Full audit details are saved and can be seen on the Audit page of the Account form. This notes "Version 1.00 Beta".