|
To |
  
|
Navigation: Loan Screens > Account Information Screen Group > Account Detail Screen > Interest Detail tab > Interest Information field group >
To
|
To |
|
Entry: User, date
F/M: Yes
Mnemonic: LNDLAC
Screen: Loans > Account Information > Account Detail > Interest Detail tab
This field displays the date the interest was last accrued. The date of last interest accrual for amortizing loans should always be one payment frequency behind the due date. For example, if the loan due date is 10-01, the date last accrued should be 09-01. 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," "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.
The system maintains this field, but it can be file maintained.