Id: | 9992 |
Product: | finPOWER Connect |
Type: | FIX |
Version: | 1.05.06 |
Opened: | 30/04/2012 |
Closed: | 09/05/2012 |
Released: | 25/05/2012 |
Job: | J009501 |
Account Type; "Update Interest Cycle from Payment Cycle" setting not working as expected when Payments are weekly or fortnightly and the day of week specified
The Account Type setting "Update Interest Cycle from Payment Cycle" is not working as expected when Payments are weekly or fortnightly and the day of week is specified.
For example, if the date opened is a Friday change Payments to "F6", ie fortnightly on a Friday, and the Interest cycle will also change to F6. Now the first Interest date appears to be on the first Friday and the Payment on the second Friday. However, Interest treats the date opened, which is a Friday, as the first Friday - so it is correct.
However, the Account Type setting "Update Interest Cycle from Payment Cycle" should set the Day of Week to the day before the payment, ie if payment F6, Interest should be F5.
This means, in the example above, the first Interest is on the day before the Payment, ie on the second Thursday, the same as if both Payment and Interest cycles were just "Fortnightly".