Default "Closed Pending" status?
Tick to default an Accounts Status to 'Closed Pending' when closing Accounts. See 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.
Loss Formula
You can calculate 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 Formula
You can calculate 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. |
Write-Off Debit
Enter an amount to tell the Loan Automatic Write-Off Wizard where to cut off debit Balances for write-off. Any Loan Account with a balance less than this amount will be written off when you run the Write-Off wizard.
Write-Off Credit
Enter an amount to tell the Write-Off Wizard where to cut off credit Balances for write-off.
Refund Credit
Enter an amount for the Loan Automatic Write-off Wizard to automatically select Loans with Credit Balances to be refunded to.
Automatically close Accounts in Account Processes?
Check if Accounts with a zero balance are to be automatically closed when Account Processes are run.
Allow Closed Accounts to be Re-Opened?
Check if Accounts of this Account Type are able to be re-opened.