Account Closure

You can set closing date for an account. However, the closing date cannot be earlier than the account's set up date, start date of any auto pay instruction defined on the account, and start date of any contract associated with the account. To enable the account closure feature, you need to create an algorithm using the C1-CLSACCT algorithm type and attach it to the Account - Post Processing system event of the division to which the account belongs.

This algorithm is invoked when the closing date is specified while adding and editing an account. It recalculates the closing date considering the grace days. The recalculated account closing date is then set as the end date of each contract associated with the account. In addition, the recalculated account closing date is set as the end date of the statement construct in which the account is included. If the Update Auto Pay End Date parameter is set to Y, the recalculated account closing date is set as the end date for each automatic payment instruction defined for the account. If there is any contract associated with the account which is in the Active status, the status of the contract is changed to Pending Stop.

Once these changes are done, a To Do is created using the specified To Do type and sent to the users with the specified To Do role to inform them about the recalculated account closing date.

This algorithm contains the following parameters:

  • Number of Grace Days - Used to specify the number of grace days you want to add and accordingly recalculate the account closing date. This parameter is mandatory.

  • Grace Days Type (C - Calendar Days, B - Business Days) - Used to indicate whether you want to use the calendar or business days while recalculating the account closing date. The business days are derived using the work calendar defined on the division. The valid values are:

    • C

    • B

    Note: If you do not specify any value for this parameter, by default, it is set to B.
  • Update Auto Pay End Date (Y or N) - Used to indicate whether you want to change the end date of each automatic payment instruction to the recalculated account closing date. The valid values are:

    • Y

    • N

  • To Do Type - Used to indicate the type of notification that you want to generate when the account closing date is recalculated.

  • To Do Role - Used to specify the To Do role to indicate the users to whom you want to send the notification when the account closing date is recalculated.