Field

Description

Date Last Finance Charge

Mnemonic: LNRLFD

At the time the loan is opened (tran code 680), the system automatically enters the current date in this field, unless a date has been entered in the pattern, in which case the date in the pattern will be used. Once the loan is functioning, the system enters the date the finance charges were last charged. As interest (finance charge) is charged for periodic interest, the system will transfer the amount of accrued interest to the Current Finance Charge field.

For daily simple interest the accrued interest amount will equal the total remaining unpaid amount on the loan. This field is a key date in determining the charging period for the loan and should agree with the Due Date on the Loans > Account Information > Account Detail screen once the payment is made. Otherwise, the Due Date will be the number of payments unpaid behind this date. This date is always the beginning date of the next charging period. The low, average, and high balances for a period are calculated starting with this date.

This field is also used as the action code 109 (Recreation of Previous Statement) date. When finance charges are assessed a tran code 520 is performed. Tran code 520 also updates the Last Transaction field on the Account Detail screen. If an overdraft comes through on the same night as the finance charge (from teller 9999) and the principal balance is zero, this field will be updated with the current date.

Total Finance Charge Due

Mnemonic: N/A

This field displays the sum of the Current Finance Charge and Prior Finance Charge fields. When interest is charged, this is the amount of interest due with the next payment. It applies only to periodic loans. When reversing a payment (tran code 608) if there was a billing between the payment and the reversal, the system will add the reversed payment to the Prior Finance Charge amount and increase this field by that amount. The Current Finance Charge field will remain the same.

Current Finance Charge

Mnemonic: LNRLCC

Use this field to indicate the amount of interest charged on the Date Finance Charge. Each time interest is charged, any unpaid interest remaining in this field is added to the Prior Finance Charge field before the current charge amount is transferred from the Accrued Interest field and placed in this field. It applies only to periodic loans. When reversing a payment (tran code 608) if there is not a billing between the payment and the reversal, the system will re-enter the amount in this field prior to the payment that was posted. If there is a billing between the payment (tran code 600) and the reversal (tran code 608), the system will add the reversed payment to the Prior Finance Charge amount and increase the Total Finance Charge Due field by that amount. The Current Finance Charge field will remain the same.

Prior Finance Charge

Mnemonic: LNRLPC

This field displays the sum of all finance charges owed prior to the last charging period. This field applies only to periodic loans.