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Daily Interest Posting

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Post the daily (compound) interest to all of the client accounts defined as interest bearing.

  • In daily interest posting, the total interest available for distribution is entered for the period (usually at the beginning of the month) using the Enter Interest Amount For Daily Posting form.
  • The number of days between interest postings is calculated each time this form is used. Only that amount of interest up to the posting date, for the current period, is posted.
  • The remainder of the interest amount is kept in reserve for future postings within the period. This form is enabled and accessible when Daily (Compound) Interest is selected in the Enter Interest Posting Method form.
  1. Go to: Avatar CFMS > Account Management > Interest Posting > Daily Interest Posting
  2. In the Posting Date field, enter the date.
  3. In the Calculate Or Calculate And Post field:
  • Select Calculate Interest to generate a report that details interest distribution.
  • Select Calculate And Post Interest to post the interest to the individual accounts. A report that details interest distribution is also generated with this selection.
  1. In the Transaction Code field, select a transaction code. Only transaction codes defined as Credit will appear. Code definitions are listed in the Add or Edit Transaction Codes form.
  2. In the Transaction Description field, enter a description to accompany the transaction.
  3. Click Process.
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