The Event Manager Monthly Interest Accrual update event computes the interest accrual balance for each loan that has the Calculate and Report Interest Accruals option selected. (This option is on the Funds Appl tab of the Investors screen in the Investor Accounting module.)

You must run this event at the end of every month after you run the Change Posting Date Update and the Payment Schedule Generation Update. When you receive Servicing Director, this event is not scheduled for you.

To see the results of this update, you must run the Monthly Interest Accrual Report after you run this update.

To run the Monthly Interest Accrual update:

1. Open the Event Manager application. The Event Manager screen appears.
2. Run the Payment Schedule Generation Update event, if you have not already done so.
3. In the Available Events list, expand System Administration, and then expand End of Day Updates.
4. Select Monthly Interest Accrual, and drag it to the Scheduled Instances list.
5. Click Criteria. The Monthly Interest Accrual screen appears.
6. Select one of the following options:

• Use Current Transaction Date - select this option to run the update based on the current transaction posting date.
• Use Entered Date - select this option and enter a date in the Control Date field to base the interest accrual on another date.

IMPORTANT! If the current transaction posting date has advanced to the next month, you must select Use Entered Date option, and enter the last day of the just completed month to have the correct calculation.

7. Click OK. The Event Manager screen reappears.
8. To run this event, select Monthly Interest Accrual from the Scheduled Instances list, and then click Run. Servicing Director runs the event and notifies you when it is done.

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