Revolving Credit Loans; Interest Cycle should not allow a simple "Monthly" cycle - it should always include the day of month

A date cycle of "Monthly" is problematic where the day of month is not specified.

For example, using 31st August and adding one month results in 30th September; and adding a month from 30th September results in 30th October, but in this case what is wanted is 31st October - maintaining the original day of month. This is worst when February is encountered. The day of month will eventually creep back to the 28.

Therefore date cycles should normally include the day of month when the cycle is monthly based. This means finPOWER Connect can correctly maintain date cycles, preventing the day of month creeping backwards.

To do this, instead of simply entering "Monthly" you may enter "M" followed by the day of month, eg "M20" for Monthly on day 20.

finPOWER Connect will automatically add the day of month in some circumstances, eg when adding a new Account if the Interest Cycle is monthly based and does not include a day of month the day is automatically added to the cycle when opened.

Revolving Credit Loans record a history of Interest cycles but the initial history item was not updated correctly, ie it was saved as "Monthly" rather than "M20".

In addition, the Account Interest Cycle Change wizard no longer allows a Monthly cycle without a day of month.