Account Interest Profile Details

Purpose

Interest Profiles are the mechanism for defining the interest charging rules and the interest rate that will be used when calculating interest on an account.

Interest profiles may contain any number of interest profile transaction lines.  Each transaction line may be associated with a base rate.  

Access

1. Accounts | Edit/View Account Interest Profile Details
   

Dialog Details

Details Specific Fields

Field	Explanation
Calculation Method	Combo Box Daily 360.  - This option allows for the calculation of daily interest over a 360 day period (used in the USA). Daily 365.  - This is the usual option.  It allows for the calculation of daily interest over a 365 day period. Grace Period.  - This will allow for the calculation of daily interest over a 365 day period.  If the arrears balance becomes zero or a credit within the number of grace days specified on the interest profile transaction, interest will not be charged.  This allows for processing of payments that are late due to public holidays etc.
Minimum Debit Amount	Default Interest will accrue but not be charged to the account until this Minimum Debit amount is exceeded
Fixed For	Variable Loans only, if the Post Revaluations option is check on at the Variable Loan Control Details Dialog Allows for the selection of the Fixed Term of a specific Rate. Calculates the Maturity Date on the Variable Loan Automatically

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