2.3.3 Pay By Date
After providing the fee schedule details, Payment Schedule Summary displays the Pay By date based on the parameter Payment Delay Days.
- After capturing all the details at contract level, liquidation event FLIQ fires on Pay by Date for advance and arrear fee components.
- Pay By Date is applicable for bullet fee schedule also.
- Accruals takes place according to the liquidation done on Pay by date.
- Accounting entries are similar to that for normal loans.
Payment Delay Days: 5 Days
- Product Maintenance screen > Fee Detail > For example. Payment Delay Days as 5 Days.
- Schedule >Schedule Details
Type Component Start Date Amount Payment Fee_Comp1 15 Jun 2018 1000 Payment Fee_Comp2 15 Jun 2018 1000 - Schedule Details should display an additional information Pay by Date derived using Payment Delay Days.
Due Date | Component | Total Amount Due | Pay By Date |
---|---|---|---|
15 Jun 2018 | Fee_Comp1 | 1000 | 20 Jun 2018 |
15 Jun 2018 | Fee_Comp2 | 1000 | 20 Jun 2018 |
Parent topic: Specifying Fee details for a contract