Understanding Updating Bank Base Rates

You enter bank base rates to use to charge interest or fees. To update the rate, you must enter a new bank record. If you have many bank records to update, rather than reentering the information manually for each record, you can use this program to update one or more records simultaneously.

You specify which records to update using data selection. If you do not enter any data selection, the system selects all records. You use processing options to specify the percentage by which you want the rates to change, whether to increase or decrease the rate, and the date on which the new rate becomes effective. You can run the Bank Base Rate Global Update program (R74U0202) in either proof or final mode:

• In proof mode, the system generates a report of the records selected to update.

  The report includes the old interest rate and the new interest rate that would result from the change.

• In final mode, the system generates a report of the number of records changed, but it does not include the details of the old and new rates.

  Because the system generates new records, however, you can review the old and new records using the Bank Base Rate Maintenance program (P74U0202).