Collapse All Expand All

On the Elements tab, select the System Management button on the toolbar. Under the Elements group on the menu, select Collection, then select Interest Rates from the Recovery Settings Group on the Configure tab. Access to this form is controlled by your Security Profile.

Interest can be calculated on charged-off, locally-maintained loans when transactions are posted. The Collection Element accommodates both fixed and variable interest rates. Variable interest rates are based on one or more rate sources (e.g. a specific bank's prime rate).

On this page you can create, edit or delete an Interest Rate Source.

Create a New Interest Rate Source

• Click New.
• Enter a unique code that identifies the rate source. Any alphanumeric string with a maximum of ten characters can be used. All letters will be saved in upper case.
• Enter a description of the rate source.

  

• Leave the Active field checked.
• Click Save.
• Click Edit in the Rates column to enter the actual Interest Rates for the selected rate source.

Edit an Interest Rate Source

• Click on the rate source you want to edit.
• Change the description.

  

• Uncheck the Active status if you would like to make the rate table unavailable. An inactive rate table will continue to be used by loans already linked to it, but will not be available to new loans.

  

• Click Save.
• Click Edit in the Rates column to add/edit the Interest Rates for the selected rate source.

Delete an Interest Rate Source

• Click the Delete checkbox(es) of the Interest Rate Code(s) you want to delete.
• Click Delete.

  Interest Rate Sources that are linked to existing loans will not be deleted - they will be made inactive. Inactive Interest Rate Sources cannot be applied to new or existing loans but will continue to be used for those loans already using this source.

From Interest Rates topic (deleted):

Access to this form is through Interest Rate Maintenance. A list of current rates is displayed for a particular rate source. This form allows you to add, edit or delete an Interest Rate.

Add a New Interest Rate

• Click New.

• Enter the date the new rate came into effect. This must be unique (the table cannot contain another rate with the same date for the same rate source).

• Enter the actual interest rate.

• Click Save.

Edit an Interest Rate

• Click Edit beside the rate you want to edit.

• Change the interest rate.
• Click Save.

Delete an Interest Rate

• Click the Delete checkbox(es) next to the rate(s) you want to delete.

• Click Delete.
• Click Done to return to Interest Rate Maintenance.

 

Interest Calculation