Whats the best way to “post” an interest rate change on an existing fixed rate Loan Trak customer?
Add a new Transaction: Use the effective date of the rate change as your Transaction’s Effective Date, leave all “payment” fields at 0.00, enter the new rate in the Transaction Rate field, and enter something like “Rate change this date” in the Transaction Description field. This method will accrue interest up-to-date at the old rate and automatically enter the new interest rate in the related Customer record’s Current Rate field. (* If the account is tied to a Floating Rate you will not have access to the Transaction Rate field – which will be “captioned” Floating Rate. You need to enter the account’s new Floating Rate modifier in the field provided near the bottom of the Transaction Detail form.
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