Article Details
| Id: | 18486 |
| Product: | finPOWER Connect |
| Type: | FIX |
| Version: | 3.04.01 |
| Opened: | 13/08/2021 |
| Closed: | 16/08/2021 |
| Released: | 31/08/2021 |
| Job: | J027212 |
 High Importance |
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Deposit Accounts; Interest Payouts where the payment date is rolled forward may not calculate correctly
In version 3.4.0 a new setting was added to Account Types to "Roll Interest Payout Date forward if it falls on a non-Business Day?".
However, where this occurs the "Interest Payout" transaction was treated as affecting the Deposit Account's balance overnight rather than on that day; meaning that an extra days compounded interest may be credited to the Account.
A new Schedule Type "Interest Paid Out" has been added for Interest Payout transactions. This is used where the Interest Payout transaction is rolled forward, whereas if it is paid out on the date Interest is credited the Schedule Type is "Interest Payout".
- Schedule Type:
- "Interest Payout" = Balance is affected overnight, i.e. the next day
- "Interest Paid Out" = Balance is affected on the date
- "Transaction" = Balance is affected on the date
For the Process Interest Payout wizard, Transactions are created with the default "Transaction" Schedule Type.