Closed Pending status options

Default "Closed Pending" status?

Tick to default an Account Status to 'Closed Pending' when closing Accounts. Click here for an explanation of Closed (Pending) Status.

Review Days

Sets the number of days an Account will remain in Closed Pending status before displaying a Review Log in the Task Manager and the Account displays in the Close Accounts wizard to be closed.

Complete Close during Account Processes, if Review date passed?

If ticked, an Account that is currently "Pending (Closed)" will be closed if:

The Account Type is set to complete the process.
The Account has a Pending Close Review Date defined.
The Pending Close Review Date is on or prior to the "Process To" date entered.

Loss calculation when closing an Account

Loss Formula

Calculate the Loss on Full prepayment, as per Formula 1 of the NZ CCCFA Regulations. Options are:

Option	Description
None	No Loss will be calculated, even if the Interest Rates have changed.
NZ CCCFR Formula 1	Loss will be calculated based upon the NZCCCFR Formula 1.
Custom	Loss will be calculated based upon a script.

Loss calculation when refinancing an Account

Loss Formula

Calculate the Loss on refinancing, as per Formula 1 of the NZ CCCFA Regulations. Options are:

Option	Description
None	No Loss will be calculated, even if the Interest Rates have changed
NZ CCCFR Formula 1	Loss will be calculated based upon the NZCCCFR Formula 1.
Custom	Loss will be calculated based upon a script.

Formula 1 only applies to Accounts with a single fixed rate for the entire term. Various other factors may mean it cannot be applied, e.g. Accounts with due Immediately Standard Transactions, a Residual value, an uneven Payment Schedule or while within an Interest Free Period.
A Loss can be calculated using a script. In this case, set the Loss Formula to None and attach an Account Object Event script to the Account Type as a Close Event script.

Small Balance Write-Off and Refund thresholds

Write-Off Debit

Enter an amount to tell the Close Accounts Wizard where to cut off debit Balances for Small Balance Write-off. Any Account with a balance less than this amount will display to be written off when the Close Accounts wizard is run.

Write-Off Credit

Enter an amount to tell the Close Accounts Wizard where to cut off credit Balances for Small Balance Write-off. Any Account with a balance less than this amount will display to be written off when the Close Accounts wizard is run.

Refund Credit

Enter an amount for the Close Accounts Wizard to automatically select Accounts with Credit Balances to be refunded to.

Other options

Automatically close Accounts in Account Processes?

Tick if Accounts with a Open Status and Zero Balance (with no Accrued Interest or Default Interest) are to be automatically closed when Account Processes are run.

Close Accounts Pre-Maturity

Untick to NOT automatically close an Account via the Account Processes when it has not yet reached Maturity.

Immediately archive Declined/Unwanted Quote Accounts?

Tick to archive Declined or Unwanted Quote Accounts.
Where this is unticked, Accounts will be updated to the status of Unwanted or Declined rather than having the Account record removed and a Client Archive record created. Additionally the Account will still show in Reports and can have Workflows attached.

Allow Closed Accounts to be re-opened?

Tick if Accounts of this Account Type are able to be re-opened.

Fixed Term Loan, Account Type Form, Close Options