The Account Interest Adjustment facility creates Interest Adjustment transactions for Accounts, or sets a date to backdate interest calculations to. This can be used to override Interest calculations, normally retrospectively, to apply an adjustment.

Interest Adjustment transactions are taken into account when determining the "last charged" date for Interest, so that Interest transactions posted after the adjustment date will be reversed and re-calculated when the Automatic Processes are next run. Interest transactions entered via the Transaction Entry form are not taken into account for the "Last Charged" date.

The Interest Adjustment wizard can also be used to adjust the "Backdated To" date for Interest calculations. When backdating Interest calculations, no backdating is done prior to an Interest adjustment transaction.

This wizard will create audit records, and optionally audit logs.

To open the Account Interest Adjustment wizard, click in the button strip of the Accounts, Financial page. Access to the Interest Adjustment wizard can be controlled via the Permission Key "Account.InterestAdjustment".