The Interest Rate Change dialog allows the user to modify the interest rate at which the fixed account accrues interest. The dialog is displayed when the user selects Interest Rate Change from the Select a Non-Monetary Transaction drop down list. This dialog is only available in the drop down list if the account is a fixed interest loan.
The user enters the appropriate information and selects the Save push-button to process the change. The selection of the Save push-button is used to initiate a Non-Monetary Account Update (35095) transaction request to the Recovery Accounting Subsystem. If the transaction successfully posts an Interest Rate Change (35220) transaction is posted to history to reflect the change, accruals are brought current to the current processing day, the dialog is closed and the user is returned to the originating view. If the transaction does not successfully post the errors are returned to the CACS Enterprise Browser and displayed to the user in the Messages dialog. The user may terminate the Interest Rate Change request by selecting the Cancel push-button.
The interest rate may be made effective for the current date or effective dated to a date in the past. To effective-date a transaction the user enters the Interest Rate and the date, in the past, for which the interest rate became effective. The change is effective dated to the date provided and accruals are recalculated and brought current up to the current processing day. If an effective-dated interest rate change is made on the account an Effective Date of Interest Rate Change (35238) transaction is posted to history along with the Interest Rate Change (35220) transaction.