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Item Interest being calculated during blocked period dates

Hello Colleagues,

We have a business scenario where Item interest must only be calculated for 9 months within a year (i.e. within a 12 month period).

Therefore we built an enhancement that placed a future-dated Interest Lock (Start date = 9 months from date of placement of Interest Key on open item).

Lock duration = 3 months.

However, when interest is calculated after the 3 month block is expired, the interest calculation includes the days when the block was in effect.

This doesn't meet the stated business requirement.

Is this this how standard FICA item interest calculation is meant to work?

Regardless, please share any suggestions to help overcome this.

Thanks in advance for your help.

Regards,

Ivor Martin

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1 Answer

  • Best Answer
    May 09 at 12:45 PM

    ivor - that is the standard functionality of interest. the lock only means that the interest transaction will not be successful when executed within the lock period - it does not have any effect on the dates for which interest is calculated.

    You might look at the interest events, maybe 2090 where you can change the to/from dates, but i'd worry that this becomes problematic. Couldn't you use some charge functionality instead and calculate it in custom logic?

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    • Hi Ivor,

      Event 2090 will only work one interest block period and not staggered interest block period.

      Elaborating it, if your 3 months interest lock period is spilt b/w more than one time period, then it takes only the first one and ignores the others.

      It only works if the 3 months interest lock period is at stretch and falls under one time period.

      Thanks,

      Amlan