Loan Screens > Payoff Screen > Balances tab > Payoff Fields field group

Entry: System, numeric

F/M: No

Mnemonic: POIBAS

Screen: Loans > Payoff > Balances tab

This field displays a code number which indicates how the Accrued Interest value is calculated. Possible codes in this field are:

CODE	DEFINITION

1	365/365 days per year, 366 days on leap year

2	360/360 days per year

3	365/360 days per year

4	360/365 days per year

5+	366/366 days in a leap year

101*	365/365 days per year, 366 days on leap year

102*	360/360 days per year

103*	365/360 days per year

104*	360/365 days per year

105*	366/366 days in a leap year

+ For a leap year, if the interest period includes two years (such as 12/15/12 to 01/15/13), the period from 12/15/12 (the leap year) to 01/01/13 will use the 366-day basis and the period from 01/01/13 to 01/15/13 will use the 365-day basis.

* This code allows loans to have different due dates or to have interest paid in advance.