Advanced Configuration

Setting

Description

Loan Type

This option lets you choose the loan type: Credit Limit, Flooring, Installment, or Lease.

Loan Category

This option lets you choose the category of the loan: Automobile, Real Estate, Consumer, or Other.

Calculation Type

This option lets you specify the method to be used for calculating the interest portion of each payment.

Accounting-Discount Split

This option lets you choose whether to split the principal portion of payments into principal and discount portions. The amount of principal that is considered discount for each payment will be determined by the Discount Calculation selection.

Discount Calculation

This option lets you specify how the discount portion of each payment should be calculated.

Days In Year

This option lets you choose between accruing interest based on the actual number of days in a year or based on a year composed of uniform payment periods.

First Period Days

This option lets you choose how the system deals with an irregular first payment period.

Interest Application

This option lets you choose how interest comes due on a loan.

Beg/End

This option lets you choose whether payments should come due at the beginning or end of a payment period. (The most common choice is End.)

Last As Final

This option lets you choose whether the last scheduled payment will remain the last payment (should there be any extra interest accrued on the loan). If you choose “Yes,” any extra interest accrued on the loan (due to late or missing payments, interest bearing fees, or escrow) will be added to the last scheduled payment. If you choose “No,” any extra interest accrued on the loan will be scheduled into additional payments (beyond the originally scheduled last payment).

Round

This option lets you choose how many decimal places numbers get rounded to while doing loan calculations.

Schedule Round

This option lets you enter an amount that will be subtracted from the final payment. This is typically used to match a payment schedule from a contract that came from another system. This amount will be subtracted first from the Interest portion of the final payment, then from the principal portion.

First Day Interest

This option lets you choose whether to charge interest on the contract date. (The most common choice is Yes.)

Suspend/Resume Interest

This option lets you choose whether to stop interest accrual when the date of the originally-calculated final payment has passed. If you do not select this option, interest will continue to accrue on the account after the original loan expiration date (if the loan is extended due to missing or late payments, etc.)

Curtailment Date Template

This option lets you choose from the Curtailment Date Templates you have created.

Roll Schedule Template

This option lets you choose from templates you’ve created that customize the payment schedule.

Fees Paid By

This option lets you choose how payments will apply to fees on the loan.

Payment Date Application

This option lets you choose if payments will apply based on the application date, or if they will apply based on the payment schedule.

Due on Business Days

This option lets you choose whether payments should only come due on business days and what to do about it if they don’t naturally fall on a business day. The options include:

• Disabled – Payments can come due on non-business days.
• Add Days – Payments should come due only on business days. If a payment would naturally fall on a non-business day, move the due date to the next business day.
• Subtract Days – Payments should come due only on business days. If a payment would naturally fall on a non-business day, move the due date to the previous business day.

NDD Calculation

This option lets you choose how the next due date on the loan will be calculated (only available when Interest Application is set to Between Transactions).

Max Interest Amount

This option lets you determine the maximum amount of interest you'd like to set on a loan. If your determined maximum amount of interest is higher than the finance charge (which is determined by the interest rate on the loan), the system will default to the finance charge. You can also select the 'Set as Finance Charge' checkbox, capping interest at the finance charge as it's calculated on this screen.