1.6.1 Load Product Definition Screen

This topic provides the systematic instruction to load product definition.

After you have defined an Interest Rule by allotting it a Rule ID and specifying the interest application factors, you can link it to a product. When a contract involving the product is processed, the interest attributes defined for the product will be applied on the contract. Some of these attributes can be changed during contract processing.

Specify the User ID and Password, and login to Homepage.

  1. Click ‘Interest’ button in the ‘Product Definition’ screen to load the ‘Interest Details’ screen.
    The Interest Details screen is displayed.
    Description of cfcincls__cvs_iccf.jpg follows
    Description of the illustration cfcincls__cvs_iccf.jpg

    You can link more than one rule to a product. In the Product ICCB Details screen, in the Rule ID field, pick the rule you wish to link to the product. For an interest type of rule, all the interest related details have to be specified in the Product ICCB Details screen.

    For example, for a deposit, you can link a rule for the main interest and another interest type of rule for a commission you want to charge on the deposit. Besides this, you can have a rule for a charge. Thus, the product will have three rules linked to it. For the deposit, you can retain all these, or waive one or more, as per your requirement.

    The interest details defined for a product will be automatically applied on a contract involving the product. However, you can change certain attributes of interest for a specific contract.

    A note on the Accounting Role build-up

    The system automatically builds a list of accounting roles depending on the Interest components that you define. For instance, if you have defined an interest component called CR01_INT, the following accounting roles will be generated:

    • CR01_INT_EXP
    • CR01_INT_PAY
    • CR01_INT_REC
    • CR01_INT_RIA
    • CR01_INT_PIA
    • CR01_INT_AQP
    • CR01_INT_AQR
    • CR01_INT_ADJ
    The system dynamically adds a list of suffixes to the main interest component. Each of these suffixes stand for:
    Suffix Represents
    AQR Acquired interest receivable
    AQP Acquired interest payable
    REC Receivable
    EXP Expense
    INC Income
    PAY Payable
    RIA Received in Advance
    PIA Paid in Advance
    ADJ Adjustment
    A similar list of accounting roles will be built up for each component that you associate with the product.

    Note:

    Since you need to identify Accounting Roles (GL/SL Types) and map them to Account Heads (Actual GL/SLs) to post accounting entries for specific events, you will have to choose the appropriate accounting roles for each component and map them to corresponding Account Heads.
    Event

    An interest event indicates when the interest component whose attributes are being defined has to be applied.

  2. On Interest Details screen, specify the field and click Ok else click Cancel.

Parent topic: Interest Details for the Product