Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Account tab > Payment and Classification field group > Date Last Accrued

Entry: User, date

F/M: Yes

Mnemonic: LNDLAC

Screen: Loans > Account Information > Account Detail > Account tab

 

The date of last interest accrual for most loans should always be exactly one frequency of payment behind the due date. Interest for a payment is usually calculated from the date last accrued to the due date for a loan that accrues using a frequency, unless the Interest Calculation Method is 101, 102, or 103.

 

Daily accrual loans (payment method 6) accrue interest from the date last accrued to, but not including, the date a payment is applied. A precomputed loan accrues from the date last accrued to the next month. Such accrual is performed in batch processing only.

 

Loans with an LIP Method Code of 1 or 101 will accrue to the current date each time an LIP disbursement is made, or the LIP interest rate is changed.