Opening and Ongoing Transactions

Enter the Opening and Ongoing transactions for the Account. Elements and values can be defaulted from the Account Type.

The Reference and Notes columns can now be directly edited in the grid. If Automatic calculations (for the User) is turned on then changes to the Transaction grid now immediately recalculate the financial figures.

You can add an Account Standard Transaction with an element type of Payment.

This means you can record additional, potentially recurring payments using this facility. The main advantage over Overriding Payments is that each Standard Transaction payment can define its own payment method and banking details.

If the Payment Method is Direct Debit this will create a separate Direct Debit Transaction ready to export.

The following permissions to make the Interest Cycle, Interest Rate and Startup Interest Rate Read-only on a per user basis.

Account.New.InterestCycleUpdate - User can update the Interest Cycle when adding a new Account.

Account.New.InterestRateUpdate - User can update the Interest Rate when adding a new Account.

Account.New.StartupInterestRateUpdate - User can update the Startup Interest Rate when adding a new Account.

Button Strip

Icon	Definition
	Add new Transaction item
	Delete the currently selected row
	Move the current row up (Ctrl+Up)
	Move the current row down (Ctrl+Down)
	Reset transactions to Account Type defaults

Term

Opening

Enter the Start Date of the Account, usually the date it was signed or advanced.

Term

Select the term for the Account. The term list will default based upon settings on the Account Type. See topic on Date/Term Formatting for additional information on Date/Term entry.

Payments

Select the payment frequency for the Account. The payment list will default based upon settings on the Account Type.

First Period

Select the first payment period for the Account. The period list will default based upon settings on the Account Type.

First Date

Enter the date the first instalment is due to be paid, the number of instalments of this value is shown along with the regular instalment value. A deferred payment date may also be entered here. Note: First Period is set to On Date.

Payment

Leave the payment value blank to calculate based upon the term and interest rate. Alternatively enter a payment value and the term will be adjusted based upon the payment amount.

Balloon

A balloon value may be entered. This will reduce the regular payments and balloon payment will be due based upon Account Type setting.

Residual Value

Residual

A residual value may be entered. This will reduce the regular payments and leave this value outstanding at the end of the term.

Prior to the maturity date, the finance company should make contact with the client to discuss the various options. For example, refinancing the residual value, returning the goods and writing-off the balance or do a Account Restructure to repay the residual balance.

Interest Cycle

Int Cycle

Select the interest cycle for the Account. The interest cycle list will default based upon settings on the Account Type.

First Date

Applies to Revolving Credit Loans only.

Enter the date the first date to charge interest on the Revolving Credit Loan.

Startup Interest

Startup Type

Select the interest cycle for the Account. The interest cycle list will default based upon settings on the Account Type.

Interest

Interest Type

Select the interest type for the Account. The interest type list will default based upon settings on the Account Type.

Interest Rate

The interest rate to be used to calculate interest over the preceding number of instalments.

Interest Rate Calculator

Click the button to calculate the Interest Rate from a known Total Interest amount. This might be used when matching the Account to an external calculator.

This button will only be available if the Account Type allows calculation of the Interest Rate from Total Interest.

Calculate

Clicking the Calculate Button button, will calculate the instalments.

To automatically calculate each time a value is changed on the form, tick the option Automatically recalculate Account Financial figures? in User Preferences, Accounts, General Page.

This option increases the workload on your PC network, so should not be used where there might be issues with network performance.

Schedule

Click the Schedule button to show the schedule of payments for the term of the account including interest and principal amounts.

Reset

Click the Reset button to reset the the payments, term and payment frequency to the Account Type defaults.

New Account Wizard, Financial