The purpose of this form is to enables you to create and maintain the base prime lending interest rates used for lease contracts to do calculations for the payment schedule.

How to do Base Payment Interest Rates

Click in 360° Strategic Asset Management > Setup > Base > Base interest rate for payment schedule

1.      The following is an example for the configuration of the base interest rate for payment schedule.

 

  1. Select the New button to create the base interest rate record for payment schedule.
  2. Select the From date field to define the start date from when this interest rate was set as the valid and current date for the interest rate.
  3. The To date field define the date when this interest rate was changed. When the new rate record is created, the "to date" of the previous interest rate will automatically be updated to the day before this record's "from date". The "to date" of the current rate record will be blank until the next interest date change.
  4. Enter the Interest rate field value to define the base lending interest rate for the organisation that will be used to work from when calculating the payment schedule transactions for customers.
  5. CTRL-S to save the record.

How to do Adjustment of Payment schedule rates (Batch process)

Click in Strategic Asset Management > Setup > Base > Base interest rate for payment schedule > Adjust payment schedule rates

1.      The following is an example for the adjustment of payment schedule interest rate (Batch process).

 

  1. This process defines the batch process that will be executed for the updating of all contract payment schedules with calculation of type = Compound interest.
  2. Tick the Batch processing field if this adjustment is for all the records in the payment schedule.
  3. Select the Batch group name that was pre-defined for this process.
  4. Tick the Private field if this task can be run only by the user who ordered the process (applicable only to client tasks).
  5. Click OK to run the batch process and all the records in the payment schedule will be updated with the new interest rate.