Changing the Override Rate

Changing the Override Rate

Purpose

Override Rates are not date sensitive, so any change to the rate will be back dated to the accounts open date

To overcome this, Interest Profiles can be applied to the account, by following the below process.

Access

  1. [F2] on the Interest Profile within the Fixed Loan Details

Process

Interest Profile Change

E.g. The below account has a ZERO interest profile and an Override Rate of 28.00%
  1. Click into the Interest Profile field and delete the ZERO profile
  2. [F2] to present the Account Interest Profile Browse
  3. Search for the required interest rate
  4. Select if the required interest rate is already loaded

    You will be returned to the Fixed Loan Details Dialog, continue processing from the below section 'Applying the Interest Rate from the Start Date'

    Otherwise

  5.  to display the Account Interest Rate Details dialog:

  6. Enter a Code and Description (e.g. Code: DI28, Description: Default Interest 28%)
  7.   to display the below dialog:
  8. Complete the first line of the debit accounts
    1. Up to (Positive Amount) - this would usually be entered as 99,999,999
    2. Rate Margin - The Interest Rare

  9.  - The account Interest Details will now display as below:
  10.  to return to the Account Interest Profile Browse
  11.  this profile to return to the Fixed Loan Details dialog

Applying the Interest Rate from the Start Date

  1. Change the Override Rate to 0.00 and take note of the account Start Date
  2.   to present the below dialog
  3. Change the date to be the start date - on this example 25/02/2013:
  4.  
  5.  the account
  6. Delete the Interest Profile and change back to the ZERO Interest Profile
  7.  to present the below dialog:
  8. Enter the date from which you want the Default Rate of interest to be 0.00
  9.  

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