Restarting Interest Accruals

Restarting Interest Accruals

Items to check when interest accruals have stopped
  1. Is the daily simple interest accrual update running daily?
  2. Did the daily simple interest accrual update fail in the end of day runall?
  3. Check the investor funds applied tab. How is the Calculate and Report Interest Accruals drop down set to report? It should be monthly or daily.
  4. Check the balance on the loan. If it is below the P&I payment amount, interest will stop calculation, and a payoff will need to be calculated.
Follow the steps below to restart interest accruals:
  • Go to: Customer service>Other>Accrued Interest.
  • Set the Accrued Through Date to the current date.
  • Run the payment schedule generation update event (System Administration>Event Manager>Scheduled Events).
  • Run the daily simple interest accrual update. (System Administration>Event Manager). (Use criteria of current transaction date and specific loan ID.)
Note: It may be necessary to let your accounting department know general ledger entries may not be correct and why.

ArticleNumber:

000050545

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