Enabling or disabling interest transactions

Menu 10.1.15

The Collector System calculates account interest as a combination of persisted and accrued interest. Whenever a you post a transaction to an account, the system converts any accrued interest to persisted interest and updates the interest effective date accordingly.

For the most part, The Collector System handles persisted and accrued interest behind the scenes, but you can set up the system to generate a transaction whenever you add interest to an account by enabling the Interest Transaction option.

To enable or disable interest transactions:

1. From the Master menu, navigate to Management Strategy > Agency > Misc Setup Routines (menu 10.1.15).

   

2. In the Miscellaneous Setup Routines window, select Enable/Disable Interest Transactions, and press Enter or click Ok.
3. In the Enable Interest Transactions field of the Interest Transactions screen, do one of the following, and press Enter:
   • To create interest transactions when interest is persisted, type Y.
   • To not create interest transactions when interest is persisted, type N.
4. In the Interest Transaction Code field, do one of the following:
   • To create persisted interest transactions, type the transaction code to use, and press Enter.
   • To not create these transactions, press Enter.
5. At the OK to File? prompt, do one of the following:
   • To save the changes, type Y, and press Enter, or just press Enter.
   • To discard your changes and exit the screen, type N, and press Enter.
   • To return to the Interest Transactions screen to continue making changes, type /, and press Enter.