Interest Section

This checkbox can be set [X] so that no automatic interest is applied to the account.

Setting this flag will exempt this account from any Regular Monthly fee applicable for accounts of the same type. Fee settings are set within the Account Type details screen.

 

You may over-ride the normal interest charging cycle for an account by setting the next date interest should be applied to this account. This may be useful where the next scheduled interest date is say, 18 July, but you want to (and it is within the terms of your loan contract) apply interest as at the next 30th June.

Various account classes may be set here. In this case we have the account set as a PayDay loan class.

 

 

Here the system stores the date that the previous interest charge was applied.

 

This should not be altered unless

• the account may have been allowed an interest-free period

• or may have had a manual interest charge applied

 

    and auto-interest should next be calculated from the date loaded here.

 

Use the button here to adjust the interest rate for this one account.

 

 

The arrow at the bottom shows the date interest was last charged for this account. Note this when entering the new Date Effective field as it cannot be before the last charged date. Also, it cannot be the same as the Old date field.   Load the new rate into the rate field and click [Doit].

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