Article Details
| Id: | 18805 |
| Product: | finPOWER Connect |
| Type: | NEW |
| Version: | 3.04.03 |
| Opened: | 01/06/2021 |
| Closed: | 06/12/2021 |
| Released: | 01/02/2022 |
| Job: | J026710 |
 Breaking Change |
|
Revolving Credit Loan Account Type; add option to charge Default Interest when Loan is Post Maturity
Revolving Credit Loan Account Types now supports an option to charge Default Interest when the Loan is Post Maturity.
The option is defined on the Account Type form. "Overdue & Defaults" page. You must also turn on the "Use Term and Maturity Date?" on the "Term" page.
NOTE: Existing Revolving Credit Loan Account Types will have this option turned off and therefore there is no change to existing Revolving Credit Loan Account behaviour. However, new Revolving Credit Loan Types will by default have this function turned on if the Account Type uses a Term - therefore this is listed as a breaking change.