Article Details
Id:18901
Product:finPOWER Connect
Type:NEW
Version:3.04.03
Opened:29/11/2021
Closed:20/12/2021
Released:01/02/2022
Job: J027903

Revolving Credit Loans Accounts; option added to calculate schedule past the Maturity Date

Currently, for a Revolving Credit Loan, the Financial Schedule is calculated into the future based upon these rules:

  • If a Maturity Date is NOT defined:
    • The Schedule is calculated two years into the future.
  • If there is a Maturity Date defined:
    • If past the Maturity Date, the Schedule is calculated two years into the future.
    • If on or prior to the Maturity Date:
      • The Schedule is calculated to the Maturity Date.

This means that if the Maturity Date is tomorrow the Schedule will stop tomorrow.

A new "Calculate Schedule past Maturity Date?" option on the Account Type, Term page has been added to give more flexibility.

When False (the default), the existing rules apply.

When True, the following rules apply:

  • If a Maturity Date is NOT defined:
    • The Schedule is calculated two years into the future.
  • If there is a Maturity Date defined:
    • If past the Maturity Date, the Schedule is calculated two years into the future.
    • If on or prior to the Maturity Date:
      • The Schedule is calculated to the Maturity Date or two years into the future, whichever is later.