4.3.6 Maintaining System Derived Schedules
To maintain system derived schedules for amortized contracts you must do the following
maintenance:
- In Loans and Commitment Product Maintenance screen under the Product Preference tab, select the Field Payment Schedule Type as Amortized. All other parameters to be maintained as required.
- In Loan Contract Maintenance screen, under the Schedule tab, select the field Amortization Type as Reduced Balancing or Rule 78. All other contract parameters to be maintained as required.
- You must also maintain Contract schedules parameters like Component, Start Date, Number, Frequency, Units, and other fields. The Amount field is disabled and it is automatically derived by the system. Based on these parameters, installment amount of each payment schedule is derived.
Parent topic: Preferences for a Loan