Opening and Ongoing Transactions

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

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.

This option will only display where the checkbox "Allow entry of First Payment Date?" is ticked on the Account Type.
A deferred payment date can also be entered here, where the "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 can be entered; this will reduce the regular payments and the balloon payment will be due based upon the Account Type settings.

Residual Value

Residual

A residual value can be entered; the regular payments will be reduced and leaves this value outstanding at the end of the term.

If a Residual Value is entered, then prior to the maturity date the finance company should make contact with the client to discuss the various options available to clear the Residual. For example:

Refinance the Residual Value
Return the goods and write-off the balance
Account Restructure to repay the Residual balance.

Interest Cycle

Cycle

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

This option will display if you have the "Allow entry of Interest Cycle?" checkbox ticked on the Account Type.

Startup Interest

Startup Type

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

This option will display if you have the "Allow entry of Startup Interest?" checkbox ticked 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.

This option will display if you have the "Allow entry of Interest?" checkbox ticked on the Account Type.

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, will calculate the instalments.

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.

Instalments

Click the "Instalments" button to display the Instalments Section. This section shows an overview of Weekly, Fortnightly and Monthly payments for different terms.

Button Strip

Icon	Definition
Print	To print the search results
Open	To Open a new Account
Save	Save as a Quote Account

Account Quotation, Financial