Interest in Advance — now generally available
Overview
The Interest in Advance module has been promoted out of Beta in v6.00.04 and is now generally available for production use. The module lets an Account Type post (charge) interest in advance and, where required, adjust that advance interest when non-scheduled events occur — for example an unscheduled fee, payment or withdrawal.
This release does not change how Interest in Advance calculates — the behaviour is unchanged from previous versions. What has changed is its status: the Interest in Advance Add-On is no longer flagged as Beta, so it no longer shows a "(beta)" label in the Licence and About screens, and it is treated as a fully supported option. If your loan products charge interest up front, you can now adopt the module with confidence that it is out of preview.
Prerequisites
Account.InterestInAdvance)Setup & Configuration
Interest in Advance is configured per Account Type, on the Interest Options page. The controls appear only for eligible Account Classes (i.e. not Deposit or Disbursement) when the Add-On is licensed. They are the same on Desktop (Account Types form) and Cloud (the AccountTypeEdit widget).
Open an eligible Account Type, go to the Interest Options page, and tick Post Interest in Advance? under the Interest in Advance options group.
Set Adjust Basis to control when advance interest is re-calculated after a non-scheduled event:
- None — advance interest is not adjusted.
- Immediate — adjust as soon as the event occurs.
- Next Period — adjust at the next period.
Tick the non-scheduled events that should trigger an advance-interest adjustment:
- Adjust for non-scheduled Fees and Journals?
- Adjust for non-scheduled Payments?
- Adjust for non-scheduled Withdrawals?
Save the Account Type. Accounts of that type then post interest in advance according to the configured basis.
| Option | Description |
|---|---|
| Post Interest in Advance? | Enables Interest in Advance for the Account Type. |
| Adjust Basis | When advance interest is re-calculated: None / Immediate / Next Period. |
| Adjust for non-scheduled Fees and Journals? | Adjust advance interest when an unscheduled fee or journal is posted. |
| Adjust for non-scheduled Payments? | Adjust advance interest when an unscheduled payment is received. |
| Adjust for non-scheduled Withdrawals? | Adjust advance interest when an unscheduled withdrawal occurs. |
How to Use
Check that the Interest in Advance Add-On is enabled on your licence. It no longer carries a "(beta)" label.
Set up the Interest Options as described above on the Account Type(s) that should charge interest in advance.
Accounts created against that Account Type post interest in advance, and adjust it per the configured basis and event options as transactions occur. Test on a representative account first to confirm the schedule and adjustments match your product's requirements.
Platform Differences
Interest in Advance has full parity across platforms. The Account Type Interest Options are the same on Desktop (Account Types form) and Cloud (AccountTypeEdit widget), and the calculation runs in the shared business layer, so Accounts behave identically wherever they are processed.
Permission Keys
There is no permission key specific to Interest in Advance. Availability is controlled by the Account.InterestInAdvance Add-On licence option and the Account Class; configuring it uses the standard Account Type maintenance permission.
Settings
| Setting | Location | Description |
|---|---|---|
| Interest in Advance Add-On | Licence (Account.InterestInAdvance) | Enables the module. No longer flagged as Beta. |
| Interest Options | Account Type, Interest Options page | Post Interest in Advance?, Adjust Basis, and the three non-scheduled adjustment options. |
Tips & Best Practices
Choose Immediate when advance interest must always reflect the current balance the moment an unscheduled event lands, or Next Period when it is acceptable (and simpler) to true-up at the next period boundary. Use None if your product charges a fixed advance amount that should not move.
The Interest in Advance options only appear for eligible (loan-style) Account Classes. They are intentionally hidden for Deposit and Disbursement Account Types.
Although the calculation is unchanged and now fully supported, always validate the resulting schedule and adjustments on a representative account before switching a live product to Interest in Advance.
Knowledge Base References
Browse the live KB listings for v6.00.04 on the Intersoft support site:
The Knowledge Base article for this feature: