1.6.1 Load Product Definition

This topic provides the systematic instruction to load product definition.

After user have defined an Interest Rule by allotting it a Rule ID and specifying the interest application factors, user can link it to a product. When a contract involving the product is processed, the interest attributes defined for the product will be applied on the contract. Some of these attributes can be changed during contract processing.

1. Click Interest button in the Product Definition screen to load the Interest Details screen.
   The Interest Details screen is displayed.
   

   
   Description of the illustration cfcincls__cvs_iccf.jpg

   
   

   User can link more than one rule to a product. In the Product ICCB Details screen, in the Rule ID field, pick the rule user wish to link to the product. For an interest type of rule, all the interest related details have to be specified in the Product ICCB Details screen.

   For example, for a deposit, user can link a rule for the main interest and another interest type of rule for a commission user want to charge on the deposit. Besides this, user can have a rule for a charge. Thus, the product will have three rules linked to it. For the deposit, user can retain all these, or waive one or more, as per your requirement.

   The interest details defined for a product will be automatically applied on a contract involving the product. However, user can change certain attributes of interest for a specific contract.

   A note on the Accounting Role build-up

   The system automatically builds a list of accounting roles depending on the Interest components that user define. For instance, if user have defined an interest component called CR01_INT, the following accounting roles will be generated:

   • CR01_INT_EXP
   • CR01_INT_PAY
   • CR01_INT_REC
   • CR01_INT_RIA
   • CR01_INT_PIA
   • CR01_INT_AQP
   • CR01_INT_AQR
   • CR01_INT_ADJ

   The system dynamically adds a list of suffixes to the main interest component. Each of these suffixes stand for:

   Suffix	Represents
   AQR	Acquired interest receivable
   AQP	Acquired interest payable
   REC	Receivable
   EXP	Expense
   INC	Income
   PAY	Payable
   RIA	Received in Advance
   PIA	Paid in Advance
   ADJ	Adjustment

   A similar list of accounting roles will be built up for each component that user associate with the product.

   Note:

   Since user need to identify Accounting Roles (GL/SL Types) and map them to Account Heads (Actual GL/SLs) to post accounting entries for specific events, user will have to choose the appropriate accounting roles for each component and map them to corresponding Account Heads.

   Event

   An interest event indicates when the interest component whose attributes are being defined has to be applied.

2. On Interest Details screen, specify the field and click Ok, else click Cancel.