Fixed Term Loan, Account Type Form, General

Code and Description

Each Account Type requires a unique Code of up to ten characters; a short but meaningful code is best.

Untick the Active checkbox to prevent this Account Type being available to new records.

Enter a Description of the Account Type. This should be a description that easily identifies this Account Type.

Select from the following dropdown lists, the relevant options.

Account Class - the Account Class defines the criteria or type of Account, e.g., Deposit or Fixed Term Loan. This then controls what pages and fields are applicable to the Account Type.

Product Type - are 'groupings' of Account Types and will specify whether things like Securities are applicable, e.g. Deposits, Loans and Mortgage Loans.

Credit Type - select whether the Credit Type is, Not Applicable, for Consumer use or Commercial use.

Regulation - this option is only set for 'NZ High Cost Consumer Credit Loans'. All other loans should be set to 'Not Applicable'.

Tick the following checkboxes where relevant - this is information used in finPOWER Connect's standard Loan Contract.

Is this a Credit Sale - If the checkbox is ticked the clauses relating non-credit sales will be excluded in the section 'Statement of rights to Cancel'

Is this a Layby Sale - If this is ticked the clauses relating to Layby Sales will be included in the Loan Contract.

If the 'CreditReportAccountTypes' information list has been set up, select the relevant option.

This list is defined by the CreditReportAccountTypes Information List.

For more information about Information Lists, click here

If the 'AccountTypeCategory' information list has been set up, select the relevant option for the Category.

This list is defined by the AccountTypeCategory Information List.

Select from the dropdown list the Icon to be used in grids for Accounts of this type.

Enter any relevant notes applicable to the Account Type.