NEW4.00.01 · Released 20 March 2023

NEWfinPOWER Connect

Released in

4.00.01

20 March 2023

1. Opened16 Jan
2. Closed26 Jan
3. Released20 Mar

Article 19904 Job J030320

Account Close; Write-Offs now post a Balance Adjustment to bring Principal/ Interest/ Fee Balances to zero

When closing an Account, where the final Transaction is not a Payment, i.e. a Write-Off or Bad Debt Write-Off, the individual Principal/ Interest/ Fee balances may not be left with zero balances.

This does not normally cause a problem as the Account has a zero balance and the reported Principal/ Interest/ Fee balances are all zero. However, on the Transactions page the Balance columns may not be zero.

A new Balance Adjustment Transaction will now be created to adjust the values to bring them all to a zero balance. Note, this occurs when the Account is closed, i.e., not then the Account status is "Closed (Pending)".

NOTE: If re-opening a Written Off Account, you should review the closing transactions and reverse where necessary and/ or write new transactions to bring the Account balances back to where you require them to be.