Setting up interest (data migrated from previous system)

1

Follow the steps to set up interest first - How are interest calculations set up?

2

Set up each loan sub-account with historical data:

1. Go to Accounts and select the first loan sub-account.

2. Click on the Interest tab and complete the following fields:

   1. Last Accrual Date: this value only needs to be set if you are moving interest transactions to a new account, where at least one interest accrual transaction has been calculated. For new accounts or running interest calculations for the first time in new ledgers, leave this value blank.

      1. When the first period is closed and interest is calculated, it will calculate from this date.

      2. The system will update this date automatically after each period close is done.

   2. Drawdown date: Information only - date that the funds were available to the employee.

   3. Click Save.