The "Account Restructure Wizard" allows you to adjust Fixed Term Loans throughout their term. Additionally it also allows you to:
- Change the Interest rate for the Account.
- Change the cycle that interest is charged on, including the day of the cycle. For example to change the day of the month interest is charged to synchronise with a new payment date, or to change when interest is charged, e.g. from monthly to weekly or fortnightly.
- Change the contractual payment cycle and day, including when the next payment is expected.
- Adjust the term of the account by changing the Maturity date and recalculating the regular payment required. Includes accounts with a Residual value or Balloon payment.
- Adjust the regular payment required and calculate a new term.
- Restructure to include an overdue balance, either extending the term or increasing the payments.
- You cannot restructure an Account with a Journal Transaction that hasn't been reversed dated on/after the date of the restructure.
- After a restructure no back-dating or reversing transactions can be done prior to the date of the restructure.
- A restructure calculates and posts interest to the day before the date of the restructure, effectively compounding that interest.
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To be able to do a restructure on an account, tick the "Allow Restructure?" checkbox on the Account Type, Other page.
A Print button can be added to the Account Restructure wizard, to allow for a document to be printed.
The Knowledge Base Article #14245 explains how to add a scriptable "Print" button to the Financial Page of the Account Restructure wizard.