Account Payment Arrangements; new option to define a period where Regular Payments are not expected to be made

Account Payment Arrangements now include an option to define a period where Regular Payments are not expected to be made by the borrower. This means the calculated schedule will more accurately reflect any arrangement made.

Note, this only applies to Fixed Term and Fixed Term Floating Rate Loan Accounts.

For example, an arrangement might be that a borrower catch-up on missed payments by making weekly payments of $80 (as promises), instead of their regular fortnightly payment of $100. During this period the schedule will show weekly payments of $80, but the $100 fortnightly payment is still shown as due, but NOT as an expected payment.

Of course, Interest and Default transactions calculated and included in the schedule will reflect the expected payments listed on the Schedule.

To enable, open Tools, Global Settings and go to the Accounts group, General page. Under General Options check "Allow "Missed Regular Payments" functionality in Payment Arrangements.

When making a Payment Arrangement or Payment Promise there is a new option "Regular Payments will be missed?". When this option is checked any Regular Payments that are dated on or before the date entered in "On/ before" will still be due, but the corresponding expected payment is not added to the schedule.

Note, Regular Payments include overriding Regular Payments as defined on the "Overriding Payments" tab.

In addition, on the "Add Promise" tab there is a new option "Don't expect Regular Payments to be paid during the Promise period?". If this is checked, when Promises are added via the "Add Promise" button the "Regular Payments will be missed?" and associated "On/ before" date are updated.

The following standard Summary Page block has been updated:

• AccountPaymentArrangement_Summary
• Version 1.05, Last updated 08/02/2024