The information required to calculate interest and charges is maintained using different maintenance functions. The information that you maintain should be authorized and complete in all respects. For example, you cannot calculate interest or charges for an account, or an account class, that is yet authorized. You would be using incomplete information to calculate interest for an account if you have built a formula into an interest rule after you have linked the rule to a product.
Before you liquidate interest for an account or account class, you must ensure that inconsistencies in data do not exist. The ‘IC Consistency Check’ function checks and reports inconsistencies in the data that you have maintained.
This chapter contains the following sections:
This section contains the following topics:
The IC Maintenance Consistency Check is run automatically when the end of transaction input is marked. When you liquidate interest on an ad-hoc basis, the IC Consistency Check function automatically checks for inconsistent data. You can also generate the maintenance consistency check report, anytime.
The IC Maintenance Consistency Check reports the following inconsistencies in data:
Note
Before you liquidate interest for an account manually, you must generate the Maintenance Consistency Check Report from the Application Browser.
You cannot liquidate interest for an account that is unauthorized. When you run the auto liquidation process at the end of day, the IC Consistency Check reports all unauthorized accounts, which fall due for interest liquidation for the day. Before you can go ahead with the automatic liquidation process, you must authorize all accounts that were reported by the consistency check.
Note
You cannot liquidate interest for an account class if an account belonging to the account class is unauthorized.
You cannot liquidate interest (using the auto liquidation function) when a class of accounts is unauthorized. When you run the auto liquidation process for the day, the IC Maintenance Consistency Check reports all unauthorized account classes, which fall due for interest liquidation. Before you run the auto liquidation function, you must authorize all unauthorized account classes.
Similarly, you cannot liquidate interest for an unauthorized account class using the ad hoc liquidation function.
You cannot liquidate interest, using the auto liquidation function, if a currency that you have maintained is unauthorized. Typically, such a situation would arise when you modify the financial details relating to a currency, in the Currency Maintenance table, and do not authorize it before you run the automatic interest liquidation function.
Authorize the reported currency before you run the automatic liquidation function again.
You cannot liquidate interest for accounts that are linked to unauthorized products or interest rules. Inconsistencies in data, maintained for all product - rule combinations, will be reported by the IC Consistency Check function. Inconsistent data for each combination will be reported under three heads:
Unauthorized product
The IC Maintenance Consistency Check function reports all products that you have linked to an unauthorized interest or charge product.
You have to authorize any modification of a rule before you attempt to liquidate interest for the accounts on which you have applied the rule.
Unauthorized rule
The IC Maintenance Consistency Check will report an unauthorized interest or charge rule.
Invalid accounting entry setup
If you have defined a product with an imperfect account entry setup, the IC Maintenance Consistency Check will report it. Typically, the IC Maintenance Consistency Check reports an invalid accounting entry setup when you modify an interest rule and do not make the required changes to the products (on which you have applied the rule).
It is vital that when you create or make changes to an interest rule you change the corresponding details, for products linked to the rule.
If you have allowed accruals for an Interest rule, but have not maintained the Accounting Roles and Heads for the accrual entries (while defining the product on which you apply the rule), the Maintenance Consistency check will report this as an inconsistency. Similarly if you have disallowed accruals for an Interest Rule but have specified accounting roles and heads for the product the maintenance consistency will report this as an inconsistency.
For example, if you modify or create a new formula for a rule, the accounting entries setup for the products to which you have linked the rule would change. If you do not make the required changes for the product, the maintenance check will report the inconsistency as an ‘invalid account entry setup’.
The other inconsistencies reported as ‘invalid account entry setup’ could be caused when
| Original Formula Type | Changed Formula Type | Product setup to be changed | |||
|---|---|---|---|---|---|
| Non Booking | Booking | Accounting Role and Head, and the accounting entries to be posted for the event not defined. | |||
| Non Booking | Tax | Accounting Role and Head, and the accounting entries to be posted for the event not defined. | |||
| Booking | Tax | Accounting Role and Head, and the accounting entries to be posted for the event not defined. |
When an invalid accounting entry setup is reported for a product - rule combination, rectify it in the product screens.
All unauthorized changes to any General Condition, that you have defined, will be reported by the IC Consistency Check. (You will recall that when you define preferences for a product, you can indicate if you wish to apply the product to a specific account or to an account class or classes. When a product is applied on an account class rather than a specific account, it is referred to as a ‘General Condition’).
The account class, the currency of the account class, the product to which the account class is linked and the unauthorized UDE values will be reported.