Navigation:  Loan Screens > Account Information Screen Group > Precomputed Loans Screen > Loan Information field group > Converted from PC to IB

Entry: System, checkbox

F/M: No

Mnemonic: LNPCIB

Screen: Loans > Account Information > Precomputed Loans screen

 

If this account has been converted from a precomputed to an interest-bearing account, a checkmark will appear in this box. You can also checkmark this box if you or another person at your institution intends to convert this precomputed loan to an interest-bearing loan. This field is for informational purposes only.

 

Loans that have been converted from precomputed (payment method 3) to interest-bearing (payment method 6) are not eligible for payment deferments.

 

You can convert a precomputed loan to a daily simple interest loan (payment method 6) from three different places in CIM GOLD:

 

1.By clicking <Run PC2IB Transaction> from the Loans > Transactions > CP2 screen on the CP2 tab.

2.You can also use the Loans > Transactions > Charge Off Transactions screen, Convert Precomputed to Simple tab.

3.From the Loans > Account Adjustment screen, then click <Convert to Interest Bearing>.