The current functionality only supports the calculation of compound interest by calculating interest on interest notes that have been posted.

With interest being compounded daily this means that interest notes have to be created and posted on a daily basis and all interest notes end up on the customer statement as separate lines. Additionally, if a source transaction needs to be changed and historical interest needs to be recalculated the user will have to recalculate all of the daily interest notes manually. The longer the period of recalculation the more days worth of interest notes need to be recalculated manually.

The proposal is that if interest needs to be compounded daily, the calculation be changed to allow for a single calculation that already compounds according to the correct period within the interest note date range.

This will allow us to run a single interest note calculation for a month and a single posting of interest (and a single line in the statement) for all transactions in that period. It will also allow for easier recalculation of the interest notes after reversal and changes to the source transactions.

Needs Votes



This was an issue with us too.

Category: Credit and collections