Select the Account to update

Account

Displays the Account to be updated. This Account Id is defaulted when opened from the Account form.

Enter the date the change should be effective from.

The new Default Interest Rate will be charged from the beginning of the Interest period that includes the Effective Date entered here.

Enter a Reference to appear in the History form.

Select the Rate Basis for default interest, the options are Premium Rate, Fixed Rate and Plus Rate.

Premium Rate will charge default interest above the interest rate, e.g. if the interest rate is 12% and the default rate is 10% premium, Default Interest will be charged at 10%.
Fixed Rate will charge the default interest on the difference between the default rate and the normal interest rate for the account, e.g. if the interest rate is 20% and the default rate is 25%, default interest will be charged at 5%.
Plus Rate will charge default interest at a rate calculated as the interest rate plus the Plus Rate, e.g. if the interest rate is 12% and the default rate is 10% Plus Rate, Default Interest will be charged at 22%.

Enter the rate Default Interest is to be charged at.

Enter any notes to appear in the History form.

Tick to create a log note on the following page of the wizard.