Navigation:  Loan Screens > Account Adjustment Screen > Current Account Information field group > Current Due Date

Entry: System, date

F/M: No

Mnemonic: LNDUDT

Screen: Loans > Account Adjustment screen

 

This field displays both the current due date day and the date the next regular payment is due. Your institution has the option of changing the current due date; however, once it has been changed once, the field will be highlighted in red. This means that a change has been made and that the Current Due Day cannot be changed again.

 

You can change the Current Due Day by entering the change in the New Due Day field in the Alter Account group box, then clicking the <Save> button. (If your institution has an option set, you cannot change the New Due Day field. Contact your GOLDPoint Systems banking consultant if you want this option set.)

 

Current Due Day:

This field is used for the due date of the next regular payment when you want to have the due date be the last day of the month and the end of the current month is less than 30 days. For example, if you wanted the due date to be the last day of February, the last day that could be entered in the Current Due Date field is February 28. The system would not allow 31 days in February because that is an invalid date. Thus, on succeeding months the due date would appear as the 28th of the month. The Current Due Day field overrides that date making the due date as the 31st of each subsequent month.

 

On months that have 31 days, the system will automatically place "31" in the Current Due Day field. In the months that follow, the system will make the due date the last day of the month, even when there are only 30 days in the month.

 

If Institution Option DD27 is set, the Current Due Day will not be allowed to be greater than 27.

 

Current Due Date:

The Current Due Date is determined by the system from the Pmt Frequency code on the Loans > Account Information > Account Detail screen, Account tab. The system requires a due date to be on the loan before the loan can be opened. The Current Due Date displays the date the next regular payment is due.

 

For payment method 5 loans with a zero balance, a balance increase transaction will update the Current Due Date field by adding the number of days before the finance charge date to the current run date.