Code and Description

Code - Each Element requires a unique code of up to twenty characters; a short but meaningful code is best.
Active - Untick to prevent this Element being available to new records.
Description - This should be a description that easily identifies the Element.

Type

The Type of the Element will determine its function. Some types are part of the initial Account setup and others are for processing once the Account is active.

The following table shows more information about the Type of Element and whether the Overdues will be automatically impacted.

Where the 'Payment due immediately' checkbox is available and is ticked, then the overdues will automatically be impacted.

Element Type	Description	Is Arrears impacts Optional?	Automatically impact Arrears?
Additional Investment	Additional Investment value on a Deposit Account.	N/A	N/A
Advance	Advances are the actual items being purchased on credit or the amount advanced by way of a personal loan.	No	No
Cost	Costs are charges other than the purchase costs that are part of the principal value.	No	No
Default Interest	These elements are used for Default/Penalty Interest charges. Default Interest type Elements can be set to due immediately and impact the overdue.	Yes	No
Deposit	Deposits are both cash deposits and trade ins. They are any value deducted from the principal before the instalment is calculated.	No	No
Disbursement	The Element used for the credit to contra the Advance/Withdrawal. These transactions will not normally appear in the Account Transaction listing.	No	No
Fee	This element type is used for Fee transactions posted to the Account.	Yes	No
Interest	These elements are used for Standard Interest charges.	No	No
Interest Payout	These elements are used for Standard Interest Payouts for Deposit Accounts.	N/A	N/A
Investment	These elements are used for the value Invested when setting up a Deposit Account.	N/A	N/A
Journal	This element type is used for credit/debit journal type transactions posted to the Account.	Yes	No
Payment Due	Payments due are elements for actual instalments due.	No	Yes
Payment Received	Payments are processing elements for actual payments received (or reversed).	No	Yes
Refinance	This will be used to identify the Refinanced balance in the new Account when refinancing a loan.	No	No
Refund	Used when refunding credit balances or over charges.	No	Yes
Transfer	The element used when transferring balances or moving a Bank Transaction between Accounts.	Yes	No
Withdrawal	For specific types of accounts, these elements are used when a withdrawal is made.	No	No

Allocation

The Allocation of the Element determines its function and how it is used.

finPOWER Connect allocates payments in the following order:

Allocation	Description
Fees	To allocate the payment or credit to the Fee balance.
Fees NIB	To allocate the payment or credit to Non-Interest bearing Fees.
Interest	To allocate the payment or credit to the Interest balance.
Principal	To allocate the payment or credit to the Principal balance.
Principal NIB	To allocate the payment or credit to Non-Interest bearing Principal.

Include as Income?

Tick where this element is to be included as income. For example, PPSR search fees may be directly on charged and therefore not classed as true income, in these situations make sure the checkbox is unticked.

Is Payment Due Immediately?

Tick so that the charge will be added to the loan payment schedule 'as at' the Transaction date, thereafter default interest may apply if the charge is not 'paid' on that day.

Direct Debit Immediately?

Tick so transactions that are due immediately are also Direct Debited immediately.

If the checkbox is Unticked and the payment method is Direct Debit this will NOT be Direct Debited.

User Flag A and B

By ticking the checkboxes for 'User Flag A' and 'User Flag B', the text as entered in Global Settings, Elements, General page, will display as their captions.

These fields can be used by Scripts and External Applications.