Navigation:  Loan Screens > Payoff Screen > Balances tab > Accrued Interest

Entry: System, numeric

F/M: No

Mnemonic: POACIN

Screen: Loans > Payoff > Balances tab

 

This field displays two different types of information, depending on the payment method of the loan account. For all payment methods except line-of-credit loans (payment method 5), this field displays the accrued interest on the loan. For line-of-credit loans, this field shows the accrued and/or charged interest on the loan.

 

Accrued Interest is calculated by taking the amount of interest accrued on the Principal Balance (plus Deferred Interest and any interest due) from the Last Accrued date to the Payoff Date (interest calculation can include the Payoff Date if your institution requests the option from GOLDPoint Systems). The code number for this calculation is entered in the Interest Code field. The Accrued Interest is added to the payoff Amount when applied.

 

The system recalculates the value in this field each time the screen is accessed (unless the payoff has been Locked).