Maintain Interest Codes {FSAC-9}


The Student Accounts subsystem allows interest to be charged on a students account. Interest is calculated by aging the transactions per account type / payment agreement using the payment agreement to age and applying interest rates as defined in this option on the aged amounts. A different rate may be linked to each ageing column (i.e 30 days, 60days etc.) allowing for different rates to be applied depending on the age of the debt. Interest will only be calculated and charged on transactions where the payment agreement  is linked to an interest code.


The purpose of this option is to define interest codes and set the interest rates.  Interest codes are linked to payment agreements in {FSAM-24} "Create Payment Agreements" and interest charged to student account by running {FSAO1-2} "Interest Calculation".

Fields in the option:

 Panel box 1:  Maintain Interest Codes and Rates

Field Type
&
Length		 Description
Interest Code A4  Enter a user defined interest code.
Description A30 Enter an applicable description for this interest code.
DT/CR A1 Indicate if interest must be calculated on a debit or credit balance.
Interest Rate for N5.2 Different interest rates can be defined for different periods in arrears. The interest rate for current can for example be zero, for 30 days 5% and for 120 days 15%.

Example:

fsac-9b1p1i2.jpg



Processing
Rules		  
  No special processing rules


See Also:



History Of Changes

Date System Version By Whom Job Description
13-Oct-2006 v01.0.0.0 Amanda Nell t133220 New manual format.
05-Sep-2009 v01.0.0.1 Charlene van der Schyff t157364 Update manual
09-May-2014
 v04.0.0.0
 Nokuthula Mafenuka
 t196360
 Add new image
19 Feb 2016
 v04.0.0.0
 Farai Mukwambo
 t196360
 Changed Block to Panel box