1. Bills and Collections User Guide
  2. Capture Additional Details
  3. Additional Details
  4. Interest Dates

5.1.10 Interest Dates

This topic provides the systematic instructions to capture the Interest Date details.

Forfaiting refers to purchasing of an exporter's receivables (the amount importer owes the exporter) at a discount by paying cash.

The purchaser of the receivables (forfeiter) becomes the entity to whom the importer is obliged to pay his/her debt. Your bank can process such transactions for export bills under an LC and Usance export bills. As mentioned in the earlier chapters, specify the change of operations for such bills at the product level.

While entering a bills contract, capture Forfaiting interest details in the Interest Computation Dates screen.

Specify the User ID and Password, and login to Homepage.
  1. On Bills and Collection Contract Detailed screen, click Interest Dates.
    Profit Component Dates screen is displayed.

    Figure 5-11 Profit Component Dates


    Description of Figure 5-11 follows
    Description of "Figure 5-11 Profit Component Dates"
  2. On the Profit Component Dates screen, specify the details as required.
  3. Click Ok to save the details or Exit to close the screen.
    For information on fields, refer to: Table 5-9

    Table 5-9 Profit Component Dates - Field Description

    Field Description
    Component Specify the interest components. Choose the appropriate one from the adjoining option list. The Forfaiting and rebate interest components will be displayed in this list only if the bill operation has changed to Forfaiting.
    Calculate From Date Specify the start date for interest computation. The start date for the main interest component and acceptance interest components default from the Bills and Collection Contract Detailed main screen. However, specify the base date to the main component. The start date for Forfaiting and rebate interest components defaults as the current date. However, change this. For components that have already been liquidated, you cannot change this date.

    The start date for all interest components is less than or equal to the current date. You cannot input a date in the future.
    Calculate To Date Specify the end date for interest computation. This date for the main interest component and acceptance interest components are defaulted from Bills and Collections - Contract Input main screen. However, for the main component, specify the date corresponding to the base date + bill tenor. The system defaults the end date for the Forfaiting and rebates interest components as the contract maturity date. However, change this. For components that have already been liquidated, you cannot change this date.

    The end date for all interest components should be greater than the start date. Oracle Banking Trade Finance supports the upload of component-level interest start and end dates.

Parent topic: Additional Details