Accrual and First Payment Date Maintenance

A.1.37 Accrual and First Payment Date Maintenance

For any specific reason if the interest Accrual Start Date and First Payment Date defined at contract level are not as per the required date, you can adjust the same during the serving stage of an account by posting ACCRUAL AND FIRST PAYMENT DATE CHANGE monetary transaction in Customer Service > Maintenance > Transaction Batch Information section.

However, this transaction is allowed to be posted only on accounts, where there is No Billing, no Transactions other than Active Transaction posted on account.

Table A-65 To adjust the Accrual Start Date and First Payment Date transaction

Transaction	Parameters
ACR_FIRST_PMT_DT_CHANGE (ACCRUAL AND FIRST PAYMENT DATE CHANGE)	TXN DATE Select the transaction date from the adjoining calendar.
ACCRUAL START DATE Select the accrual start date from the adjoining calendar. Ensure that the Start Date is greater than contract date and less than or equal to First Payment date.
NEW FIRST PAYMENT DATE Select the new first payment date from the adjoining calendar. Ensure that the First Payment Date is not less than Accrual Start Date.

Transaction

Parameters

ACR_FIRST_PMT_DT_CHANGE (ACCRUAL AND FIRST PAYMENT DATE CHANGE)

TXN DATE

Select the transaction date from the adjoining calendar.

ACCRUAL START DATE

Select the accrual start date from the adjoining calendar. Ensure that the Start Date is greater than contract date and less than or equal to First Payment date.

NEW FIRST PAYMENT DATE

Select the new first payment date from the adjoining calendar. Ensure that the First Payment Date is not less than Accrual Start Date.

On successfully posting the transaction, the Results section displays both old and new Accrual Start Date along with old and new First Payment Date.

Parent topic: Monetary Transactions