1. WFP Setup Guide
  2. Index Rates
  3. Index Rate Link

3.2 Index Rate Link

While you can add new rates for an existing index type, you cannot modify or delete existing index rates.
To use the Index Rates link

On the Oracle Financial Services Lending and Leasing home screen, click Setup > Setup > WFP > Index Rates

  1. In the Index Types section, select the record you want to work with. Note: PRIME RATE and FLAT RATE are the default, system defined rate types.

    Figure 3-1 Index Rates


    Description of Figure 3-1 follows
    Description of "Figure 3-1 Index Rates"

    Note the Following:

    If you choose, use Search Criteria to limit the display of records.

    • If you are entering a new record, click Add.
    • If you are changing an existing record, click Edit.
  2. In the Index Types section, enter, view, or edit the following information.

    Table 3-1 Index Types

    In this field Do this
    Index Type Select the index type (required).
    Short Description Enter the short description of the index rate type (required).
    Description Enter the longer description of the index rate type (required).
    Enabled Select to enable the index rate type.
  3. In the Index Rates section, select the record you want to work with.
    Note the following:
    • If you choose, use Search Criteria to limit the display of index rates records.
    • If you are entering a new record, click Add.
  4. In the Index Rates section, enter the following information.

    Table 3-2 Index Rates

    In this field Do this
    Start Date Enter the start date of the index rate. Note: This cannot be less than current date (required).
    Rates Enter the rate. Note: For a particular index type, multiple rates cannot be entered in the Index Rates section with the same start date (required).
    Enabled Select to enable the index rate.
  5. Click Save in the Index Types section.
    For example,

    Using the data in the sample graphic, let’s assume the current date is February 5, 2009 (10/ 30/2008).

    The entries in the Index Rates section for a PRIME RATE include:

    Table 3-3 Index Rates section for a PRIME RATE

    Start Date Rate
    01/29/2009 3.0
    10/16/2008 12.0
    10/03/2008 8.0

    In this scenario 8.0% will be the rate used by Oracle Financial Services Lending and Leasing to compute interest on October 10, 2008.

Parent topic: Index Rates