Navigation:  GOLD Services Screens > General Ledger Screen Group > GL Account By Loan Type Screen > Convert Precomputed Interest Income

Entry: System, numeric

F/M: No

Mnemonic: N/A

Screen: Loans > System Setup Screen > G/L Account By Loan Type screen

 

Normally the interest income account found in Loan Amount Field L-5 for simple interest-bearing loans (payment method 6), this G/L is used when a precomputed interest loan (payment method 3) is converted to a simple interest-bearing loan (payment method 6). The system will perform a G/L Credit (tran code 1810) by Journal In or a G/L Debit (tran code 1800) by Journal Out to this G/L account to amortize or unamortize interest income based on the As of Date of the convert transaction.

 

Precomputed loans are converted to interest bearing using any of the following screens located in CIM GOLD:

 

•Loans > Account Adjustment screen, then click <Convert to Interest Bearing>

•Loans > Transactions > Charge Off Transactions screen, Convert Precomputed to Simple tab

•Loans > Transactions > CP2 screen, then click <Run PC2IBTransaction>