Interest in Advance
Development Account
12 steps
46 seconds
Licence check
Interest in Advance is a finPOWER Connect module, so must be purchased prior to configuring the database
1
Click the User menu
2
Click "About finPOWER Connect Cloud"
3
Click "Licence"
4
Confirm "Interest in Advance" is licenced
Configuring Interest in Advance
Only Administrators with access to the Administration menu can configure Account Types
5
Click "Administration"
6
Click "Account Types"
7
Navigate to the Account Type which requires Interest in Advance to be switched on and drill down to it
8
Click "Interest Options"
9
Locate the "Interest in Advance options" section
10
If these settings require updating, click the edit button for the "Interest Options" page
11
Interest in Advance can be switched on / off and configured in this section
Any changes made to Interest in Advance will take effect immediately on all Accounts linked to this Account Type.
12
Adjustment Basis controls what should happen if an 'unscheduled' transaction is posted to the Account. Controls over Fees / Journals, Payments and Withdrawals can be controlled here too. *Adjustment Basis options:* **None**\ Nothing additional happens\ \ **Immediate**\ Interest will be recalculated and posted as at the 'unscheduled' transaction date\ \ **Next Period**\ Interest will be recalculated and posted at the end of the Interest period
A transaction is considered 'unscheduled' if it didn't exist in the schedule leading up to it being posted. For example, an ad-hoc Withdrawal
Interest in Advance
Development Account
12 steps
46 seconds
Licence check
Interest in Advance is a finPOWER Connect module, so must be purchased prior to configuring the database
1
Click the User menu
2
Click "About finPOWER Connect Cloud"
3
Click "Licence"
4
Confirm "Interest in Advance" is licenced
Configuring Interest in Advance
Only Administrators with access to the Administration menu can configure Account Types
5
Click "Administration"
6
Click "Account Types"
7
Navigate to the Account Type which requires Interest in Advance to be switched on and drill down to it
8
Click "Interest Options"
9
Locate the "Interest in Advance options" section
10
If these settings require updating, click the edit button for the "Interest Options" page
11
Interest in Advance can be switched on / off and configured in this section
Any changes made to Interest in Advance will take effect immediately on all Accounts linked to this Account Type.
12
Adjustment Basis controls what should happen if an 'unscheduled' transaction is posted to the Account. Controls over Fees / Journals, Payments and Withdrawals can be controlled here too. *Adjustment Basis options:* **None**\ Nothing additional happens\ \ **Immediate**\ Interest will be recalculated and posted as at the 'unscheduled' transaction date\ \ **Next Period**\ Interest will be recalculated and posted at the end of the Interest period
A transaction is considered 'unscheduled' if it didn't exist in the schedule leading up to it being posted. For example, an ad-hoc Withdrawal
