Suspend/Resume Interest Accrual
Over the course of a loan's life, it may be necessary to suspend and resume the accrual of interest. This may occur for a number of reasons, such as offering relief or as an incentive to your borrowers. In this article, we'll cover how to suspend and resume interest on your accounts.
To suspend or resume interest accrual on an account, navigate to Account Setup > Setup Tools > Suspend/Resume Interest inside of an individual loan account.
Next, click 'Add'. A window will display and allow you to select a 'Type' and 'Date'. Select whether you want to create a 'Suspend Interest Accrual' or a 'Resume Interest Accrual' from the 'Type' drop-down. Then, enter the date that interest should stop or resume accruing on the account. Click 'Save' to save your settings.
Once you have saved your interest accrual setting, it will be viewable on the Suspend/Resume Interest page. On this page, you can edit or delete your accrual settings by clicking the respective edit and delete buttons on the right.
Interest Accrual Rules Applied
You can also start and stop the accrual of interest using rules applied. To do so, navigate to Rules Applied > stop Interest Date within the loan account to see what rules will change the accrual of interest. You can force the evaluation (and possible change of interest accrual) by clicking the three-dot options button for the rule and then selecting 'Force Rule'.
You can change your tenant-level rules applied settings for interest accrual in Settings > Loan > Rules Applied > Stop Interest Date.