7.8.6 Moving Schedules Forward or Backward

A schedule date falls on a holiday and you have not specified that holidays are to be ignored at the time of schedule definition. In such a case, you should indicate the movement of the schedule date forward or backward to the next working day, or the previous working day, respectively. Since the schedule date itself is moved to a working day, the payment is processed on the day it falls due, as of that day.

Example

For a loan, you have defined monthly schedules falling due on the following dates:

• 31 March 1999
• 30 April 1999
• 31 May 1999

30 April 1999 is a holiday. You have the following options in fixing the date for that schedule:

• You can ignore the holiday. The schedule date is still be on 30 April 1999, despite the holiday. The liquidation of the schedule is done as per your specifications in the Branch Parameters screen.
• You can move the schedule date forward to the next working day, which happens to be 1 May 1999. The schedule is liquidated during Beginning of day (BOD) processes on this date, as it is a working day. The across-the-month movement discussed subsequently comes into the picture here.
• You can move the schedule date backward. The schedule date is 29 April 1999, the last working day before the holiday. The schedule is liquidated during BOD processes on this date, as it is a working day.